Swatch Group Grows Rapidly After Opening to China
Published: Thursday, Jul 13th 2023, 11:40
Updated At: Friday, Oct 13th 2023, 14:12
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The Swatch Group has reported a strong performance in the first half of 2023, with sales up 11% to 4.02 billion Swiss francs. This was driven by a recovery in China, where sales rose by double digits, as well as increased tourism to destinations such as Thailand and Macao. Sales in the US were also strong, with the Tissot brand gaining market share. The strong Swiss franc had a negative impact on the results, but when adjusted for currency effects, sales were up 18%. The operating profit (EBIT) rose 36% to 686 million francs and the net profit rose 56% to 498 million francs. The EBIT margin improved by 3.2 percentage points to 17.1%. The company expects strong growth to continue in all regions and price segments in the second half of the year, with the MoonSwatch watch continuing to be popular. The news has been well received by investors, with the share price rising 6.5%.
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