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Swiss Swatch, the company that produces Tissot, Longines and Omega watches, reported a net profit of 890 million Swiss francs in 2023, lower than expected, due to the strong Swiss franc. Net profit rose 8.1 percent, lagging analysts’ forecasts of CHF 972 million. Sales rose by 5.2 percent to 7.9 billion francs, in line with expectations, and on a currency-adjusted basis, they rose by 12.6 percent.
Swatch said that the depreciation of the currency could not be offset by price adjustments, which affected earnings. Sales grew by double digits in Asia, with strong performance in North America and more than 30 percent growth in Switzerland. The Group expects further growth opportunities in 2024, with OMEGA in the spotlight as the official timekeeper of the Paris Olympics.
(Source: AFP Image source: Unsplash)
