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Swatch Group Half-Year Report 2019 Indicates Decline in Sales and Profitability

Despite this negative performance, the group expects positive sales growth for the entire year 2019.

| By Xavier Markl | 1 min read |

Swatch Group has just announced its first half-year report 2019 and the results aren’t positive. Both sales and profitability have been impacted, after a positive year 2018. However, the Swatch Group anticipates full-year revenue growth.

At just over CHF 4 million, the group’s net sales are down 3.7% at constant exchange rates and down 4.4% at current rates. The operating result is down 13% at CHF 547 million. The net income is also impacted by the decline in sales.

Swatch Group Half-Year Report 2019 chart

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As a comparison, Swiss Watch Exports have grown 4.1% over the first five months of 2019. The export statistics indicate an overall positive market trend. The industry performance is driven by the high-end segment but the entry-level segment – in which the Swatch Group is active with Hamilton, Mido, Tissot or Swatch – is under pressure.

Swatch Group states that the comparison basis was particularly high. Indeed, last year, half-year sales were up 14.7% at current exchange rates. On a positive note, echoing the overall positive trends for these markets, Swatch Group sales are growing in mainland China, Japan and the USA. Own retail and e-commerce sales are reported up. Last, action against grey market dealers is reported “at the expense of a short-term negative impact on sales in the first half-year in the triple-digit million“.

Swatch Group still expects positive annual growth for 2019. The group anticipates strong demand and a more favourable comparison basis.

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2 responses

  1. “As a comparison, the Swiss Watch Exports have grown 4.1% ” – I think its 1,4%, not 4,1%.

  2. Well, 4.1% over the first five months of the year and indeed 1.4% over the first 6 months. The article was written and published before the FHS released June figures so we had a 5-month basis of comparison at the time.

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