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FinancialsJul 22, 2014
First half net sales up 7 percent for Swatch
Though operating profit and net income declined for the Swatch Group in the first half of the year, net sales increased.
Biel/Bienne, Switzerland--Though operating profit and net income declined for the Swatch Group in the first half of the year, net sales increased.
In its half-year report released Tuesday, Swatch Group reported that net sales for the first half of 2014 grew by 7 percent year-over-year at constant exchange rates, from $4.44 billion to $4.54 billon.
Gross sales rose 9 percent to $4.82 billion, compared with $4.63 billion in the first half of last year.
Operating profit decreased 9 percent year-over-year from $1 billion to $920.1 million, partially due to marketing expenses for the 2014 Winter Olympics in Sochi, the company said.
Net income also declined, dropping 12 percent from $851.4 million to $753.8 million. As a percent of net sales, net income fell from 19 percent to 17 percent.
Swatch Group’s Watches & Jewelry segment (including production) recorded a 9 percent year-over-year increase in gross sales at constant exchange rates in the first half of the year. The increase happened despite a fire at the ETA factory late in 2013 that negatively impacted sales by about $221.7 million, the company said.
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“Production at ETA has been reorganized so that only minor delays in watch movement production are anticipated in the second half of 2014,” Swatch Group said.
In addition, the company made significant investments in the Harry Winston brand, which Swatch Group purchased in a $1 billion deal from the company now known as Dominion Diamond Corp. in 2013. The investments included a wider product range and increased availability of “high jewelry,” as well as a new watch collection presented at Baselworld 2014. Renovation of Harry Winston retail stores also took place.
Swatch Group said it created more than 800 new jobs in the first six months of the year, with more than 460 of those positions in Switzerland.
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