Unlike rival Richemont which posted pretty good growth in the last quarter, Swatch confirmed once again the deteriorating momentum in the watch industry. A slight recovery in the last two months mitigated the downfall in H2 to 9.9% (CHF3,837m). Full-year sales were down 10.8% at constant exchange rates (-10.6% reported) to CHF7,553m. The core business of Watches & Jewellery (97% of sales) dropped by 10.7% to reach CHF7,305m. The weak momentum was experienced in Europe apart from the UK wh
02 Feb 2017
Margins fall to their lowest in decades
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Margins fall to their lowest in decades
Unlike rival Richemont which posted pretty good growth in the last quarter, Swatch confirmed once again the deteriorating momentum in the watch industry. A slight recovery in the last two months mitigated the downfall in H2 to 9.9% (CHF3,837m). Full-year sales were down 10.8% at constant exchange rates (-10.6% reported) to CHF7,553m. The core business of Watches & Jewellery (97% of sales) dropped by 10.7% to reach CHF7,305m. The weak momentum was experienced in Europe apart from the UK wh