Nick Hayek sees himself on course for success
Swatch will increase profits in 2022 – analysts disappointed
Higher turnover, more profit – and yet not everything is rosy. Watch company Swatch has published its results for 2022. The details.
Published: 21 minutes ago
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Updated: 19 minutes ago
Not so grim, Mr. Hayek! His Swatch Group has had a successful 2022.
The watch group Swatch grew in 2022 and also made more money. Global demand for watches was high in a difficult market environment, despite disruptive factors such as the war in Ukraine, the corona pandemic in China and the general growing concerns about the economy.
The Swatch Group increased sales in the 2022 financial year by 2.5 percent to CHF 7.50 billion, according to a statement on Tuesday. Adjusted for currency effects, i.e. at constant exchange rates, sales grew by 4.6 percent. In the first half of the year alone, growth was 6.5 percent.
Swatch has improved its results significantly: Operating profit (EBIT) climbed 13 percent to 1.16 billion francs and net profit rose to 823 million francs after 774 million in the previous year. However, Swatch failed to meet the analysts’ targets in terms of sales and profits.
According to the announcement, CEO Nick Hayek sees the group, which includes traditional brands such as Omega, Tissot and Longines in addition to Swatch watches, as continuing on the road to success in the 2023 financial year. Strong sales growth is expected for the group, which could lead to a record year, they say. Swatch intends to provide information on the dividend at a later date. (SDA)