Swatch Group reported net sales of CHF 7,499 million for 2022, up 4.6% at constant exchange rates and 2.5% at current exchange rates. The company announced the results on 24 January 2023; the two growth rates reflect different currency comparisons, not two separate sales totals.
How much did Swatch Group sales grow in 2022?
Swatch Group’s 2022 net sales were CHF 7,499 million. Compared with the prior year, sales increased 4.6% when calculated at constant exchange rates and 2.5% using current exchange rates, according to the company’s 24 January 2023 announcement. The Swiss watch industry federation later corroborated the sales total and constant-rate growth in its 9 February 2023 summary.
Why are there two growth rates?
Constant-exchange-rate growth compares sales while holding currency rates steady, helping show underlying changes in the business without the effect of exchange-rate movements. Current-exchange-rate growth uses the rates applicable to the reported figures. In Swatch Group’s 2022 results, currency conversion reduced the reported increase from 4.6% to 2.5%.
How did China affect the 2022 results?
The company said sales grew 25% in local currencies in every region except China. It attributed China sales shortfalls of more than CHF 700 million to Covid lockdowns. This regional contrast helps explain why the group’s overall result did not reflect the stronger local-currency growth it reported across most markets.
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Did profit rise along with sales?
Yes. Operating profit reached CHF 1,158 million, compared with CHF 1,021 million in the prior year, and the operating margin increased to 15.4% from 14.0%. Net income was CHF 823 million, versus CHF 774 million, while net margin was 11.0%.
What happened to cash flow?
Cash flow moved in the opposite direction from sales and earnings. Operating cash flow fell to CHF 724 million from CHF 1,298 million, and free cash flow dropped to CHF 342 million from CHF 1,033 million. Swatch Group said the decrease in operating cash flow was mainly due to a precautionary increase in safety stock. The company also reported net liquidity of CHF 2,540 million.
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What did Swatch Group report about MoonSwatch?
In the same announcement, the company said more than 1,000,000 MoonSwatch watches had been sold and that demand remained high in January 2023. It described approximately 180 stores at that time as exclusively offering the product. These are figures and conditions reported in January 2023, not evidence of current inventory or availability.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What was the company’s 2023 outlook?
In January 2023, management anticipated strong growth for that year and said it aimed for a record year. That was a forecast at the time, not a confirmed result. The announcement and industry summary cited here do not establish how the forecast compared with Swatch Group’s eventual 2023 performance.
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