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Swatch Group Provides Strong 2023 Outlook Citing Chinese Consumption Recovery

  • Swiss watchmaker Swatch Group ADR SWGAY said it expects strong sales growth in all of its regions and segments in 2023.
  • The company said 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.
  • The strong outlook reflects the lifting of travel restrictions in China, revitalizing sales in tourist destinations. 
  • The company’s sales growth in January in China reinforces its expectation for a strong year in 2023.
  • Swatch reported a 2.5% year-on-year sales growth in FY22 to CHF 7.49 billion.
  • The operating profit increased 13.4% to CHF 1.16 billion, with an operating margin of 15.4%.
  • The company’s Board of Directors will decide on the dividend proposal at the Annual General Meeting. 
  • Price Action: SWGAY shares closed higher by 4.69% at $17.40 on Tuesday.
  • Photo Via Company

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