Swatch Group FY22 Profit Rises; Sees Strong Growth In FY23

Swiss watch and jewelry maker Swatch Group (SWGAF.PK,SWGNF.PK) reported Tuesday that its fiscal 2022 net income increased 6.3 percent to 823 million Swiss francs from last year's 774 million francs.

Operating profit was 1.16 billion francs, up 13.4 percent from previous year's 1.02 billion francs.

Net sales grew 2.5 percent to 7.50 billion francs from 7.31 billion francs a year ago. Net sales grew 4.6 percent at constant exchange rates.

Sales grew in all regions, with the exception of China, where Covid lockdowns resulted in sales shortfalls.

Further, the company said its Board of Directors, at its next meeting, will decide on the dividend proposal to the Annual General Meeting.

Looking ahead for fiscal 2023, Swatch Group said it aims to achieve a record year in view of the strong position of the brands in all segments worldwide and the robust numbers in January for Mainland China.

The company said, "Group Management anticipates strong sales growth in 2023 in all regions and segments. After the end of Covid measures, consumption quickly recovered, not only in China, but also in the surrounding markets of Hong Kong SAR and Macau. In addition, lifting of travel restrictions in China will revitalize sales in tourist destinations. The sales growth in January in China reinforces the Group's expectation to aim for a record year in 2023."

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