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Swatch Group reported higher sales and net income in 2023 and, in January 2024, forecast further growth. That outlook was a management expectation, not the result: the group later reported a steep first-half slowdown and substantially lower full-year 2024 sales and profit. Here are the figures, the currency context and what changed.
What Swatch Group reported for 2023
Swatch Group reported net sales of CHF 7,888 million in 2023. Sales rose 5.2% at current exchange rates and 12.6% at constant exchange rates, the company said. The larger constant-rate increase reflects the fact that exchange-rate movements—particularly the stronger Swiss franc—reduced growth when translated into Swiss francs. The group also reported that fourth-quarter sales grew by more than 8% in local currencies. Swatch Group’s 2023 key figures announcement was published on 23 January 2024.
| 2023 measure | Reported result | Comparison with 2022 |
|---|---|---|
| Net sales | CHF 7,888 million | Up 5.2% at current exchange rates; up 12.6% at constant exchange rates |
| Operating profit | CHF 1,191 million | CHF 1,158 million |
| Operating margin | 15.1% | 15.4% |
| Net income | CHF 890 million | Up 8.1% from CHF 823 million |
| Net margin | 11.3% | 11.0% |
The Watches & Jewelry segment, including Production, recorded a 17.2% operating margin. The company said it maintained that margin despite significant currency impacts. At group level, operating profit increased modestly, while the operating margin edged down; net income and net margin increased.
Investment, cash flow and employment
The company reported CHF 803 million in investments, including more than CHF 300 million for production equipment and CHF 220 million for retail properties in prime locations. Operating cash flow was CHF 615 million, down from CHF 724 million, while net liquidity was CHF 1,988 million, compared with CHF 2,540 million in 2022. Swatch Group also reported 1,541 additional jobs, including 802 in Switzerland. These are company-reported figures, not independent industry estimates.
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What management expected for 2024
In its January 2024 announcement, management said it saw “excellent opportunities” for further growth in local currencies. It identified several brand and market drivers, while warning that foreign-exchange movements would continue to affect results because of the group’s substantial Swiss industrial base. Those statements describe the outlook at that point in time; they are not guarantees of performance.
- Harry Winston: management forecast turnover above CHF 1 billion in 2024.
- Swatch, Tissot and Longines: the company expected continued development in lower- and medium-price segments.
- Omega: management anticipated a benefit from the brand’s global media presence as official timekeeper of the Paris 2024 Olympic Games.
- Regional demand: America and Japan were identified as growth markets, and the company anticipated additional Chinese demand for its lower- and medium-price brands.
- Currency exposure: the group said exchange-rate movements would remain a factor given its Swiss industrial base.
A named product launch
The January announcement also pointed to the worldwide launch on 11 January 2024 of the Swatch x Blancpain Scuba Fifty Fathoms “Ocean of Storms” as a strong start to the year for Swatch. The announcement establishes that the product was named as an opportunity; it does not establish current retail stock or availability.
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How the outlook changed during 2024
First-half results: sales and profit fell
In its report published on 15 July 2024, Swatch Group recorded first-half net sales of CHF 3,445 million, down 14.3% at current exchange rates and 10.7% at constant exchange rates. Operating profit fell to CHF 204 million from CHF 686 million, and the operating margin was 5.9%, compared with 17.1% in the first half of 2023. Net income was CHF 147 million, down from CHF 498 million. See the company’s Half-Year Report 2024.
The company attributed the sales decline to a sharp drop in luxury-goods demand in China, including Hong Kong SAR and Macau SAR. It said sales outside those markets were at the level of the record first half of 2023 in local currencies. For the remainder of the year, its midyear view was that China would remain challenging, while Japan and the United States could continue to grow and prospects in many European countries were promising. It also cited Omega’s Olympic timekeeping presence and said June operating margin had risen above 15%. These were midyear expectations and observations, not the eventual full-year outcome.
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Full-year results: lower sales and earnings than in 2023
On 30 January 2025, Swatch Group reported full-year 2024 net sales of CHF 6,735 million, down 14.6% at current exchange rates and 12.2% at constant exchange rates. Operating profit was CHF 304 million, compared with CHF 1,191 million in 2023; net income was CHF 219 million, compared with CHF 890 million. The 2024 operating margin was 4.5%, against 15.1% in 2023. The group said its deliberate maintenance of production capacities and jobs led to a strongly negative operating result in the Production segment. The figures are in the company’s Key Figures 2024 announcement.
The final results therefore differed sharply from the positive growth language in January. The forecast was made before the severe deterioration in demand that the company later reported, particularly in China; the year-end figures show that lower sales were accompanied by a much larger fall in operating profit and net income.
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What the figures do—and do not—show
For anyone assessing the company’s performance, keep the exchange-rate basis attached to each sales-growth figure: current rates reflect reported Swiss-franc results, while constant rates remove the impact of exchange-rate movements for comparison. Also distinguish a forecast from a reported result. Swatch Group’s January 2024 expectations concerned possible growth across brands and regions; its subsequent half-year and full-year reports documented what happened as the year progressed.
The figures and outlook discussed here come from Swatch Group’s corporate reporting. They provide the company’s account of its results and management’s expectations, not independent proof of broader watch-industry demand. Nayla Hayek, Chair of the Board, said at the 8 May 2024 AGM: “We remain fully committed to Swiss Made, to innovation – over 180 new patents were added in the past financial year – and to a strong presence with our own stores in all of our markets.” The statement appears in the company’s Message from the Chair.
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