Swatch Group records 18 percent revenue growth in H1

First half net sales of 4,019 million Swiss francs at Swatch Group, increased 18 percent to the previous year at constant exchange rates and by 11.3 percent at current rates, despite a massive negative currency impact of 242 million Swiss francs.

The company said in a statement that net sales exceeded the previous record half-year 2018 by 8.5 percent, at constant exchange rates. The group recorded double-digit growth in all watch and jewellery price segments, with strongest growth in the lowest price level.

Operating profit for the period increased by 36.4 percent to 686 million Swiss francs, and operating margin reached 17.1 percent versus 13.9 percent in the previous year.

Net income increased by 55.6 percent to 498 million Swiss francs and net margin to 12.4 percent.

For the second of the financial year, the group management sees excellent growth opportunities in local currencies in all regions and price segments. The group brands plan to introduce many innovative products, especially in the lower and mid-range segments. However the company warns of an unfavourable currency environment.