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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Swatch Group reported CHF 3,059 million in net sales for the six months ended June 30, 2025. Sales fell 7.1% on a comparable, constant-currency basis, but 10.4% at current exchange rates. Profit fell much faster: operating profit was CHF 68 million and net income was CHF 17 million. The company published the results on July 17, 2025.
What does “sales down 7%” mean?
The 7.1% decline compares sales on a constant-exchange-rate basis and excludes the Rivoli Group eyewear business transferred at the end of 2024. At current exchange rates, reported sales fell 10.4%. Currency movements had a negative CHF 113 million impact on sales, according to Swatch Group’s July 17, 2025 half-year results announcement.
| H1 2025 measure | Result | Comparison |
|---|---|---|
| Net sales | CHF 3,059 million | Down 7.1% at constant exchange rates on a comparable basis; down 10.4% at current rates |
| Operating profit | CHF 68 million | CHF 204 million in H1 2024 |
| Operating margin | 2.2% | 5.9% in H1 2024 |
| Net income | CHF 17 million | CHF 147 million in H1 2024 |
| Net margin | 0.6% | 4.3% in H1 2024 |
| Operating cash flow | CHF 180 million | CHF 90 million in H1 2024 |
How much did Swatch Group profit decline in H1 2025?
Operating profit fell by CHF 136 million, from CHF 204 million to CHF 68 million. That is a decline of about two-thirds, substantially larger than the 7.1% comparable sales decline. The operating margin contracted by 3.7 percentage points, from 5.9% to 2.2%.
Net income, which is distinct from operating profit, fell by CHF 130 million to CHF 17 million. Net margin was 0.6%, compared with 4.3% a year earlier. Operating cash flow moved in the opposite direction, doubling to CHF 180 million from CHF 90 million.
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Why did Swatch Group sales fall in the first half of 2025?
Swatch Group said the sales decline was “exclusively attributable to China (including Hong Kong SAR and Macau SAR).” That is the company’s explanation in its official announcement, rather than an independently established causal finding. The announcement also said other regions reached the record years of 2023 and 2024 in local currencies.
The Federation of the Swiss Watch Industry FH provided channel detail for Watches & Jewellery: Greater China wholesale sales declined by more than 30%, partly as third-party stores closed, while the group’s own retail business in the region declined 15%. Greater China’s share of group sales had fallen from 33% to 24% over the preceding 18 months, according to the federation’s August 14, 2025 report. These figures describe different sales channels and should not be treated as interchangeable measures.
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Which markets and business areas held up better?
Results were uneven across markets. FH reported double-digit growth in the United States, Mexico and Canada, sales growth above 20% in India, Japan sales at the record 2024 level, and strong development in the Middle East and Australia. It also reported double-digit growth in group e-commerce. Swatch Group separately highlighted double-digit growth in North America, India, Turkey, the Middle East and Australia; it said Omega, Longines, Rado, Tissot, Hamilton and Swatch each recorded increases of 10% to 30% in the United States. These company figures do not mean every brand grew by the same amount in every market.
Watches & Jewellery
Watches & Jewellery recorded a 10.1% operating margin excluding Production, rising to 13.5% in the second quarter. Those are segment figures excluding Production, not the consolidated group’s 2.2% operating margin.
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Production
Production recorded a strongly negative operating result. Management said it maintained Swiss production capacity and jobs despite low orders. FH reported low orders from both third parties and group brands, with no short-time working. Vertical integration can increase losses when sales are weak because capacity remains in place, while also giving the group more benefit when demand recovers.
Electronic Systems
Electronic Systems provided a contrasting result: FH reported first-half sales growth of 20.3% at constant exchange rates, with strong positions in healthcare, mobility, battery management systems and miniaturized Bluetooth. This segment growth is separate from the decline in consolidated group sales and does not explain the group’s overall profit decline.
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What happened after H1 2025?
In July 2025, Swatch Group forecast an improved Greater China market environment in the second half and expected orders to recover as Chinese retailers reduced inventories. That was an outlook, not a reported result.
The company’s January 30, 2026 Key Figures 2025 release later reported full-year net sales of CHF 6,280 million, down 1.3% at constant exchange rates and 5.9% at current rates. It also reported constant-currency sales growth of 4.7% in the second half and global sales growth of 7.2% in the fourth quarter. Those results show improvement after H1, but do not by themselves establish that every part of the earlier China outlook came to pass.
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In its July 21, 2026 half-year report, Swatch Group described strong sales growth and market-share gains across all price segments and continents, supported by portfolio launches and retail efficiency. The report summary available at that date described the performance qualitatively rather than providing detailed figures in the referenced material.
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