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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Did Swatch Group sales really rise 18%? Yes—but that growth was measured at constant exchange rates. For the first half of 2023, the company reported net sales of CHF 4,019 million, up 18.0% at constant rates and 11.3% at current exchange rates. Currency movements reduced reported sales by CHF 242 million. Swatch Group announced the results on 13 July 2023; they are historical figures, not current trading data. (Swatch Group, 13 July 2023)
What the 18% sales increase means
The two growth rates describe the same first-half sales against different currency assumptions. The 18.0% figure removes the effect of exchange-rate movements to show performance at constant exchange rates. The 11.3% figure is growth at current exchange rates, reflecting the currencies’ actual effect on reported results. Swatch Group put that negative currency impact at CHF 242 million. The two percentages should not be treated as interchangeable: the constant-rate figure isolates underlying growth from currency changes, while the current-rate figure reflects the reported sales comparison. (Swatch Group)
Even on the constant-rate basis, sales were 8.5% above the company’s previous half-year record, set in 2018. That record comparison is also stated at constant exchange rates. (Swatch Group)
Where Swatch Group said growth came from
The company reported double-digit growth across all watch and jewelry price segments, with the strongest growth at the lowest price level. It cited recovery in Mainland China and renewed travel as factors supporting sales in parts of Asia. The Federation of the Swiss Watch Industry’s August 2023 account also pointed to tourism destinations including Thailand and Macao as part of the regional context. These are company and industry explanations for the period, rather than a breakdown of how much each factor contributed to sales. (Swatch Group; Federation of the Swiss Watch Industry, 10 August 2023)
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- Watch Size: 47mm round case with push/pull crown
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Profit rose faster than sales
Swatch Group reported stronger operating and net income growth than sales growth for the first half of 2023. Operating profit climbed 36.4% to CHF 686 million, and the operating margin—the share of sales remaining after operating costs—rose to 17.1% from 13.9% in the first half of 2022. Net income increased 55.6% to CHF 498 million; net margin rose to 12.4% from 8.9%. (Swatch Group)
Cash, liquidity and equity
Higher profits did not translate into higher operating cash flow or net liquidity compared with the prior-year period. The company reported the following figures for the first half of 2023 and its prior-year comparison:
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- Watch Size: 47mm round case with push/pull crown
- Water Resistance: 100 Feet
- 2 Year International Warranty
- Free battery exchange at Swatch retail locations
| Measure | First half of 2023 | Prior-year comparison |
|---|---|---|
| Operating cash flow | CHF 281 million | CHF 287 million |
| Net liquidity | CHF 2,099 million | CHF 2,397 million |
| Equity | CHF 12.1 billion | CHF 11.7 billion |
| Equity ratio | 86.0% | 85.5% |
Swatch Group defines net liquidity as cash and cash equivalents plus financial assets, securities and derivative financial instruments, less current financial debts and derivative financial liabilities. (Swatch Group)
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What management expected for the second half
In its 13 July 2023 announcement, management said it saw excellent second-half growth opportunities in local currencies across regions and price segments, while warning that unfavorable exchange rates remained a concern. It described the currency environment as “the only cloud on the horizon.” That was the outlook expressed in July 2023, not a forecast for the present. (Swatch Group, 13 July 2023)
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- Swatch Neon Collection
- Watch Size: 47mm round case with push/pull crown
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- Watch Size: 47mm round case with push/pull crown
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- Art Journey Collection
- Watch Size: 34mm square case with push/pull crown
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