Swatch Group’s sales up almost 9%

Profit up 6.1%
Swatch Group’s sales up almost 9%

In the first half of the year, for the Swatch Group, net sales jumped 8.9 percent (on y-o-y basis) to $4.3 billion. The period ended June 30, 2013. Profit was up 6.1 percent to $818 million. Also, sales returns, allowances and discounts rose 4.8 percent to $186 million, reports say. During the said six months, the currency fluctuation observed lent to a 1 percent positive impact on group sales, reports say.

Changes at the company this year included redefining and modifying its segment reports, combining the “Watches & Jewelry” and “Production” segments into a new “Watches & Jewelry” segment, which took more prominence in March when Swatch purchased Harry Winston Inc.

In the said six months watch and jewelry net sales were up 9.3 percent ( on y-o-y basis) to $4.1 billion.

Also, Swatch took over Harry Winston in March, and with it all jewelry and watch retail activities and a production company in Geneva. This has led to Swatch having incorporated 11 companies into its consolidated structure. As of the end of June 2013, goodwill, which will be recognized directly in equity, stands provisionally at $606 million (CHF 569 million). The Swatch Group’s outlook expresses ''promising'' and a strong second half-year, with new product launches, reports add.


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