Swiss watchmaker Swatch Group AG saw a 24% increase in profits in the first half of its fiscal year, the company announced Thursday.

The company's profit was 328 million Swiss francs ($265.7 million), up from 264 million francs ($213.3 million) for the first six months of last fiscal year. Analysts predicted profits of $230 million.

Swatch says sales grew across all its watch divisions, but were strongest were from its luxury brands, including Breguet.