2023-07-13 08:43:33
– Swatch Group heading for sales record
The watch group shows rapid growth in the first half of the year. Sales increased by 11 percent.
Posted today at 10:43am
Happy regarding “excellent” growth opportunities: Swatch Group boss Nick Hayek.
Photo: Marcel Bieri (Keystone)
The Swatch Group remains on course for growth: In the first half of 2023, sales rose by 11 percent to 4.02 billion francs, as the company announced on Thursday. Calculated in local currencies, the increase was as much as 18 percent. The watch group with brands such as Omega, Longines and of course the Swatch benefited from the continued good demand in the USA and the recovery in China following the corona opening.
The growth also had a positive effect on the results: operating profit before interest, depreciation and amortization advanced by 37 percent to 686 million francs and consolidated profit by 56 percent to 498 million francs. The Swatch Group thus clearly exceeded the analysts’ targets in terms of both profit figures and sales.
Successful “Moonwatch”
According to the Swatch Group, sales have grown in double digits in all price segments, with the lowest price level showing the strongest growth. The success story of the “MoonSwatch” shapes the picture there. The Swatch in the design of the Omega cult watch “Moonwatch” has been available in various versions since March 2022 and is selling like hot cakes. The offer is limited and only available in selected stores.
«MoonSwatch»: The Swatch version of Omega’s famous Speedmaster.
Photo: Ennio Leanza (Keystone)
But the Tissot brand also performed extremely well, with significant gains in market share in North America, for example. And in its own stores, sales of products from brands such as Harry Winston, Omega, Longines and Swatch went very well.
Sales record in sight
The group management around company boss Nick Hayek expects further growth. The growth opportunities in local currencies are “excellent” for the second half of 2023 in all regions and price segments. Hayek identifies the unfavorable currency environment as the only drop of bitterness.
With these prospects, the Swatch Group is heading for a new sales record in the current year. By the end of the first half of the year, sales calculated in local currencies were already 8.5 percent above the half-year record from 2018. Calculated for the year as a whole, Swatch achieved its highest turnover in 2014 with CHF 8.7 billion.
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