Swatch Group reported higher sales and net income for 2023, and in January 2024 forecast further growth across several brands and markets. That outlook was a forecast, not the eventual result: sales and profit fell sharply in 2024, with the company citing weaker luxury demand in China among the pressures.
What Swatch Group reported for 2023
In its 2023 key figures announcement, published 23 January 2024, Swatch Group reported net sales of CHF 7,888 million. Sales rose 5.2% at current exchange rates, or 12.6% at constant exchange rates. The larger constant-currency increase excludes the effect of exchange-rate movements; the company said the strong Swiss franc weighed on growth measured in Swiss francs. Fourth-quarter sales grew by more than 8% in local currencies.
Profitability was mixed: operating profit increased, but the operating margin edged down. Net income and net margin improved.
| Measure | 2023 | 2022 |
|---|---|---|
| Net sales | CHF 7,888 million; up 5.2% at current exchange rates and 12.6% at constant exchange rates | Not stated in the 23 January 2024 announcement |
| Operating profit | CHF 1,191 million | CHF 1,158 million |
| Operating margin | 15.1% | 15.4% |
| Net income | CHF 890 million | CHF 823 million |
| Net margin | 11.3% | 11.0% |
The Watches & Jewelry segment, including Production, recorded a 17.2% operating margin. Swatch Group said it maintained that margin despite significant currency impacts.
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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
Investment, cash flow and jobs
The company reported CHF 803 million in investments, including more than CHF 300 million for production equipment and CHF 220 million for retail properties in prime locations. Operating cash flow was CHF 615 million, compared with CHF 724 million in 2022; net liquidity was CHF 1,988 million, down from CHF 2,540 million. Swatch Group also reported 1,541 additional jobs, including 802 in Switzerland. These are company-reported figures, not independent industry estimates.
What management expected in 2024
In January 2024, Swatch Group said it saw excellent opportunities for further growth in local currencies. The forecast reflected management’s expectations at that time, not a guarantee of performance.
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- Swatch Neon Collection
- Watch Size: 47mm round case with push/pull crown
- Water Resistance: 100 Feet
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- Free battery exchange at Swatch retail locations
- Brands: Management forecast that Harry Winston would exceed CHF 1 billion in turnover in 2024. It expected Swatch, Tissot and Longines to continue developing strongly in lower- and medium-price segments.
- Omega and the Olympics: The company expected Omega to benefit from global media exposure as the official timekeeper of the Paris 2024 Olympic Games.
- Markets: It identified America and Japan as growth markets and anticipated additional demand from China for its lower- and medium-price brands.
- Currency risk: Swatch Group warned that exchange-rate movements would continue to affect results because of its strong Swiss industrial base.
A named product launch
The January announcement highlighted the worldwide launch on 11 January 2024 of the Swatch x Blancpain Scuba Fifty Fathoms “Ocean of Storms” as a strong start to the year for Swatch. The announcement names the product but does not establish its current retail availability.
How the outlook changed during 2024
By its half-year report, published 15 July 2024, Swatch Group was reporting a substantial decline. First-half net sales were CHF 3,445 million, down 14.3% at current exchange rates and 10.7% at constant rates.
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- Art Journey Collection
- Watch Size: 34mm square case with push/pull crown
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- 2 Year International Warranty
- Free battery exchange at Swatch retail locations
| Measure | First half 2024 | First half 2023 |
|---|---|---|
| Net sales | CHF 3,445 million; down 14.3% at current exchange rates and 10.7% at constant rates | Not stated in the 15 July 2024 report summary |
| Operating profit | CHF 204 million | CHF 686 million |
| Operating margin | 5.9% | 17.1% |
| Net income | CHF 147 million | CHF 498 million |
The company attributed the sales decline to a sharp drop in luxury-goods demand in China, including Hong Kong SAR and Macau SAR. It said sales outside those markets were at the level of the record first half of 2023 in local currencies.
Swatch Group’s midyear view also differed from its January forecast: it expected China to remain challenging through year-end, while anticipating further growth in Japan and the United States and citing promising prospects in many European countries. It said Omega would benefit from its Olympic timekeeping presence, and reported that June operating margin had risen above 15%. Those midyear comments were expectations and a June update, not the final full-year result.
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- Collection: Neon
- Watch Size: 47mm round case with push/pull crown
- Water Resistance: 100 Feet
- 2 Year International Warranty
- Free battery exchange at Swatch retail locations
What happened over the full year
In its 2024 key figures announcement, published 30 January 2025, Swatch Group reported full-year net sales of CHF 6,735 million, down 14.6% at current exchange rates and 12.2% at constant rates compared with 2023. Operating profit fell to CHF 304 million from CHF 1,191 million, while net income declined to CHF 219 million from CHF 890 million. The operating margin was 4.5%, compared with 15.1% in 2023.
The company said its deliberate maintenance of production capacities and jobs led to a strongly negative operating result in the Production segment. The reported annual figures show why January’s positive outlook should be read as a time-bound forecast rather than a description of what 2024 delivered.
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- Swatch Neon Collection
- Watch Size: 47mm round case with push/pull crown
- Water Resistance: 100 Feet
- 2 Year International Warranty
- Free battery exchange at Swatch retail locations
Innovation and Swiss manufacturing commitment
At the 8 May 2024 annual general meeting, Chair Nayla Hayek said: “We remain fully committed to Swiss Made, to innovation – over 180 new patents were added in the past financial year – and to a strong presence with our own stores in all of our markets.” The statement expresses the company’s position; the patent figure was reported by Hayek, not independently assessed here. Swatch Group, Message from the Chair, 8 May 2024.
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