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The Swatch group posts net profit up 8.1% in 2023

The Swatch group, owner of the Tissot, Longines and Omega watch brands, announced on Tuesday net profit up 8.

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The Swatch group posts net profit up 8.1% in 2023

The Swatch group, owner of the Tissot, Longines and Omega watch brands, announced on Tuesday net profit up 8.1% for the 2023 financial year, to 890 million Swiss francs (942 million euros). Its turnover increased by 5.2% compared to the previous year, to nearly 7.9 billion francs, it said in a press release.

Excluding currency effects, its sales increased by 12.6%, with the watch group citing “massively negative currency effects”. “The rapid erosion of the main currencies against the Swiss franc could not be offset by continuous price adjustments,” he said in a press release.

Also read: Swatch Group considers itself capable of achieving a record year

Analysts surveyed by the Swiss agency AWP expected on average a net profit of 972 billion francs for 7.9 billion in turnover. In 2023, the Swiss watchmaker doubled its investments, spending 803 million francs, including more than 300 million in means of production and 220 million francs in real estate to benefit from the “best” commercial locations, details he.

In Asia, its watch and jewelry sales achieved “double-digit” growth rates in Hong Kong and Macau as well as Thailand, India, Japan and China. In Europe, its sales recorded single-digit growth, although the group cited “a boom in turnover in Switzerland”, up “more than 30%”.

“In North America, strong growth continued,” driven by the Omega, Tissot and Swatch brands, he explains. “The group sees very good chances for 2024 to continue its growth in local currencies,” he writes. In particular, he expects his Harry Winston jewelry brand to exceed “one billion in turnover”. Its Omega brand, “as official timekeeper of the Paris Olympic Games,” will also benefit from global media exposure,” underlines Swatch Group.

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