Swatch Group boosted by strong year
Swatch Group has grown its full year net sales by 30.7% to 7.31 billion Swiss francs at current exchange rates.
Furthermore, the watch maker’s operating profit climbed to 1.02 billion Swiss francs compared to 52 million a year earlier.
The owner of brands such as Swatch, Omega and Longines said its watches and jewellery segment achieved a strong operating margin of 17.7% for the year and 18.4% for the second half.
Meanwhile, full year net income came in at 774 million Swiss francs compared with net loss of 53 million Swiss francs in the previous year.
Looking ahead, Swatch said its expects to see double-digit sales growth in local currencies in 2022 following the launch of “numerous, and in some cases, spectacular” new products.
It added: “Omega, as timekeeper for the Olympic Winter Games in Beijing, will be present worldwide in the media in February, and in September, Tissot, as timekeeper for the Asian Games in Hangzhou, will be visible far beyond the Chinese market.”
