Did Swatch Group sales really rise 18%? Yes—but that was growth at constant exchange rates. For the six months ended June 2023, the Swiss watchmaker reported net sales of CHF 4,019 million, up 18.0% at constant exchange rates and 11.3% at current exchange rates. Currency movements reduced reported sales by CHF 242 million. Swatch Group announced the results on 13 July 2023; they are historical figures, not current trading data.
What the 18% sales increase means
The headline 18.0% figure adjusts for exchange-rate changes to show sales growth on a constant-currency basis. At current exchange rates—the basis that reflects currency movements—sales increased 11.3%. The company reported a negative currency impact of CHF 242 million. These are two different ways of expressing growth, not competing estimates of the same currency-adjusted figure. Swatch Group’s 13 July 2023 announcement reported both measures.
First-half sales also exceeded the company’s previous half-year record, set in 2018, by 8.5% at constant exchange rates. That comparison is against the earlier half-year record, while the 18.0% figure measures growth against the first half of 2022.
Where Swatch Group reported growth
The company said it achieved double-digit growth in all watch and jewelry price segments, with the strongest growth at the lowest price level. It cited recovery in Mainland China and renewed travel as factors supporting sales in parts of Asia. The Federation of the Swiss Watch Industry’s 10 August 2023 account also pointed to tourism destinations such as Thailand and Macao as relevant to the regional picture. These are company and industry explanations of the context, not separate measurements of how much each factor contributed.
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The Federation’s account provides that industry context; the company announcement is the source for Swatch Group’s financial figures.
Profit and margins also improved
For the first half of 2023, Swatch Group reported operating profit of CHF 686 million, 36.4% higher than a year earlier. Its operating margin was 17.1%, compared with 13.9% in the prior-year period. Net income rose 55.6% to CHF 498 million, and the net margin increased to 12.4% from 8.9%.
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The profit and margin gains show that the period’s improvement extended beyond sales growth. They do not, by themselves, establish how results would develop after the first half.
Cash flow, liquidity and equity
| Measure | First half of 2023 or period-end figure | Prior-year comparison |
|---|---|---|
| Operating cash flow | CHF 281 million | CHF 287 million |
| Net liquidity | CHF 2,099 million | CHF 2,397 million |
| Equity | CHF 12.1 billion | CHF 11.7 billion |
| Equity ratio | 86.0% | 85.5% |
Swatch Group defines net liquidity as cash and cash equivalents plus financial assets, securities and derivative financial instruments, less current financial debts and derivative financial liabilities. The lower operating cash flow and net liquidity figures are distinct from the increases in equity and the equity ratio; the announcement provides the reported amounts but these figures alone do not explain the changes.
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What management expected in July 2023
In its announcement, management said it saw excellent opportunities for second-half growth in local currencies across regions and price segments, while warning that unfavorable exchange rates remained a concern. Its statement was: “The only cloud on the horizon remains the unfavorable currency environment.” This was management’s outlook on 13 July 2023, not a current forecast.
The announcement was identified as an ad hoc announcement under Article 53 of the Listing Rules. It does not establish that every figure was audited, so these results should not be described as audited on the basis of the announcement alone.
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