Swatch: profits slump 70.5% in H1
(CercleFinance.com) - For H1 2024, Swatch Group has reported a 70.
5% drop in net income to 147m CHF, with an operating margin down to 5.9% compared to 17.1% for the same period in 2023. NB: cp -11%.
At 3.44bn CHF, net sales for the Swiss watch manufacturer fell by 14.3% (-10.7% at constant exchange rates), penalised by the sharp drop in demand for luxury products in China (including Hong Kong and Macao).
However, believing that China's potential remains intact, and that its cost-cutting program implemented at the beginning of the year has begun to bear fruit, Swatch expects the situation to improve sharply in H2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
5% drop in net income to 147m CHF, with an operating margin down to 5.9% compared to 17.1% for the same period in 2023. NB: cp -11%.
At 3.44bn CHF, net sales for the Swiss watch manufacturer fell by 14.3% (-10.7% at constant exchange rates), penalised by the sharp drop in demand for luxury products in China (including Hong Kong and Macao).
However, believing that China's potential remains intact, and that its cost-cutting program implemented at the beginning of the year has begun to bear fruit, Swatch expects the situation to improve sharply in H2.
Copyright (c) 2024 CercleFinance.com. All rights reserved.