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30.01.25 - 15:39
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Swatch Profit Sinks 75% On China Weakness, Leaving Luxury Bulls Disappointed (ZeroHedge)
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Swatch Profit Sinks 75% On China Weakness, Leaving Luxury Bulls Disappointed
Swatch Group AG, whose brands include Omega, Blancpain, and jeweler Harry Winston, reported operating profits plunged by 75% to 304 million Swiss francs in the full year of 2024, missing the Bloomberg Consensus estimate of 557.5 million Swiss francs.
The Swiss watchmaker reported net sales last year that tumbled 12% to 6.735 billion Swiss francs, while net profit dropped to 219 million Swiss francs from 890 million Swiss francs a year earlier.
Here's a snapshot of the 2024 earnings results (courtesy of Bloomberg):
Operating profit CHF304 million, -74% y/y, estimate CHF557.5 million (Bloomberg Consensus)
Watches & Jewelry operating profit CHF410 million, estimate CHF635.1 million
Electronic Systems operating profit CHF12 million, estimate CHF14.9 million
Operating margin 4.5% vs. 15.1% y/y, estimate 8.19%
Watches & Jewelry operating margin 6.4%, estimate 9.44%
Electronic Systems operating margin 3.6%, est...
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