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Swatch Group Reports 2022 Half-Year Sales Up By 7.4%

Growth curbed by the latest COVID waves in China...

| By Xavier Markl | 1 min read |

Swiss watch giant Swatch Group has just issued its 2022 half-year sales report, for the period January 1st – June 30th. At CHF 3,612 million, net sales are up 7.4% compared to the previous year at constant exchange rates, or 6.5% at current rates. The operating profit is up 25.1% at CHF 503 million.

The Group reports double-digit growth for major markets, in particular Europe, America and the Middle East. However, the business has been impacted negatively by China’s latest Covid lockdowns, just like for other luxury conglomerates. Swatch Group evaluates that sales losses have been approximately CHF 400 million, due to closures of warehouses and many retail stores in April and May in China. The Ukraine conflict had less than a 1% impact on Group sales.

Commenting on its brands’ performance, Swatch Group highlighted the impressive success of the Bioceramic MoonSwatch. Interestingly, at the same time, Omega was confronted with supply shortages impacting the Speedmaster Moonwatch, after a soaring increase in demand. As expected, the production sector significantly increased sales in line with the positive trend for Swatch Group and the watch industry in general.

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Swatch Group is convinced that the goal of double-digit sales growth in local currencies for the entire year 2022 defined at the beginning of the year remains realistic.

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