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Seiko, Citizen and Casio, Japan’s top three watch producers, reported solid gains in watch sales for the 2007 fiscal year ended March 31, 2008.
Watch and clock sales at Seiko Hold¬ings Corp. increased 2.8 percent over the previous year to 130 billion yen ($1.30 billion). Watches and clocks accounted for 61 percent of the company’s total revenue of V214 billion ($2.14 billion). Operating income for the watch division rose 3.3 percent to V9 billion ($90 million). “The watch business remained brisk in Europe and Asia and reported increases in both sales and profits,” the company said in a statement. “Market conditions in the United States deteriorated mainly because of the subprime home loan crisis and sales were down from the previous year.”

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