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Swatch Group 2007 Net Income Surpasses $1 Billion

March 18, 08 by IDEX Online Staff Reporter

The Swatch Group reported that its net income for 2007 exceeded CHF1 billion for the first time. Total net income reached CHF1.015 billion ($1.028 billion), and net sales totaled CHF5.646 billion ($5.722 billion), a 19.69 percent rise over 2006.

 

The company saw record performance in its core segment – watches and jewelry. Gross sales totaled CHF4.71 billion ($4.79 billion), a 20.4 percent rise over the previous year, and net sales were CHF4.456 billion ($4.531 billion).

 

Operating profit for the period increased by 24.7 percent. Swatch noted that the price adjustments implemented in the previous year had a positive impact on margins, partially compensating for the effects of further increases in the price of precious metals, diamonds and other raw materials.

 

From a geographic perspective, Asia, Europe and the U.S. performed particularly well, although the company said that all regions delivered positive results. Sales in Japan were somewhat flatter.

 

High demand for watches and jewelry helped to substantially boost sales in the production segment, although the group noted that a massive increase in demand for both mechanical movements and Swiss-made quartz movements over the past few years has posed tough challenges for production.

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