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Swiss watchmaker Swatch Group has announced its economic results for the first half of 2022. The group has shown solid results in the first six months of the year, exceeding its expectations.
Swatch Group, which gained 1.4% on the stock market this morning supported by its results, reports resilience in the face of the situation in Ukraine and the drop in demand in China, due to the Covid-19 pandemic.
Indeed, as we revealed a few days ago, Swatch Group, which records about 40% of its sales in China, experienced a dip in its results last April with the resurgence of the pandemic in this region.
In view of this situation, which has not improved since then in China, the loss of earnings amounted to 400 million Swiss francs, or 405 million euros. The closure of distribution centers and many retail stores, as well as health restrictions in this region in recent months, did not help Swatch’s results.
However, for the six months to the end of June, the Swiss watch giant’s turnover reached 3.612 billion Swiss francs, up 7.4%, compared with forecasts of 3.59 billion.
Net profit amounted to 320 million Swiss francs (325 million euros), but was below analysts’ forecasts, who estimated an average of 334 million francs (339 million euros). As for operating profit, it came to 503 million Swiss francs, up 25.1%, while analysts were expecting 455 million and a margin of 12.7%.
Regarding forecasts for the rest of 2022, the group’s management says it is “convinced that the objective formulated at the beginning of the year of double-digit sales growth in local currencies for the whole of 2022 remains realistic”, the press release states.
Read also > SWATCH GROUP MID-YEAR FORECAST : THE MOONSWATCH WATCH BOOSTED OMEGA SALES
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Swiss watchmaker Swatch Group has announced its economic results for the first half of 2022. The group has shown solid results in the first six months of the year, exceeding its expectations.
Swatch Group, which gained 1.4% on the stock market this morning supported by its results, reports resilience in the face of the situation in Ukraine and the drop in demand in China, due to the Covid-19 pandemic.
Indeed, as we revealed a few days ago, Swatch Group, which records about 40% of its sales in China, experienced a dip in its results last April with the resurgence of the pandemic in this region.
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Swiss watchmaker Swatch Group has announced its economic results for the first half of 2022. The group has shown solid results in the first six months of the year, exceeding its expectations.
Swatch Group, which gained 1.4% on the stock market this morning supported by its results, reports resilience in the face of the situation in Ukraine and the drop in demand in China, due to the Covid-19 pandemic.
Indeed, as we revealed a few days ago, Swatch Group, which records about 40% of its sales in China, experienced a dip in its results last April with the resurgence of the pandemic in this region.
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