Swatch Group reports 8,7 percent sales growth in first half 2013
Swatch Group, world’s largest watch manufacturer, the owner of brands such as Omega, Longines or Blancpain, reports positive results for first 6 months of 2013, with sales rising 8.7 percent to CHF 4.181 billion and a jump in net profit by 6.1 percent to 768 million Swiss francs ($821.2 million).
During the first half of the year, watchmakers have been grappling with double-digit percentage declines in Swiss watch exports to Greater China, which absorbed about a quarter of the timepieces that left Switzerland between January and June. “The outlook for the Group remains very promising, and a strong second half-year is expected,” the company said in a statement.
Swatch Group’s operating margin declined to 22.7 percent from 24.5 percent a year ago due to integration costs for jewellery maker Harry Winston that Swatch bought for $1 billion this year and higher marketing expenses.