World’s leading watch maker Swatch Group could reach US$9,6 bn in sales
Swatch Group Chief Executive Officer Nick Hayek Jr confirmed at the company’s annual general meeting in Biel (Switzerland) that the group could reach 10 billion Swiss francs (US$9,6 billion) in 2015. ”Swatch should achieve 10 billion francs in sales in 2015, but if foreign exchange rates remain as miserable as they are now, it could happen later,” Chief Executive Nick Hayek was quoted as telling Neue Zuercher Zeitung am Sonntag.
In 2013, Swatch Group’s operating profit grew by 17.0% to reach 2.314 billion, corresponding to an operating margin of
27.4% and net income was 1.928 billion, which corresponds to a 22.8% net margin. By the end of December 2013, equity reached a new high of 9.574 billion Swiss francs, which equates to an equity ratio of 82.3%.
In January 2014, Swatch Group reported sales last year of 8.817 francs and Hayek has forecast a double-digit percentage rise in 2014. Earlier this month the company also said it expected a rise in sales in China this year, despite the market being hit last year by a government crackdown on luxury gift-giving by officials. Swatch has fared better than others because it is less exposed to the high-end segment.