Swatch Group reports record half-year sales

Brecken Branstrator

Swatch Group reported record half-year results, with growth led by strong sales in North America and Asia.

Group net sales were up 15 percent year-over-year (13 percent at constant exchange rates) to 4.27 billion Swiss Francs (about $4.29 billion), the watch retailer and manufacturer said in its financial results released July 18.

The company’s watches and jewelry division, which includes brands like Breguet, Longines and Tissot, constitutes about 4.14 billion Swiss Francs (or about $4.16 billion) of that.

The first-half results build on the momentum the company began to generate in the second half of 2017, which helped reverse two straight years of sales decline for Swatch Group in its fiscal full-year results.

First-half 2018 net income was up by 67 percent to 468 million Swiss Francs (approximately $470.8 million), while operating margin improved from 10 percent in the prior-year period to 15 percent this year.

Swatch Group said it saw “massive gains” in market share in all price segments and regions, leading to a strong increase in production of watches and jewelry.

North America saw a double-digit sales increase, while Asia also recorded strong growth, the company said.

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Source National Jeweler