Swatch Group Posts Record Sales (SWGAY)
Swiss-based Swatch Group AG (OTC: SWGAY) posted record annual sales this morning of CHF 7,143 billion (about $7.54 billion), nearly 22% higher than sales in 2010 on a constant currency basis. Not adjusted for currency exchange rates, sales grew by…
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Swiss-based Swatch Group AG (OTC: SWGAY) posted record annual sales this morning of CHF 7,143 billion (about $7.54 billion), nearly 22% higher than sales in 2010 on a constant currency basis. Not adjusted for currency exchange rates, sales grew by nearly 11%. The strength of the Swiss franc cost the company 11% in exchange rate losses.
The company’s Watches & Jewelry group posted an annual sales gain of more than 26% at constant currency rates.
The maker of watches, jewelry, and electronics expects to report “good results for operating profit and net income.” For next year, the company said:
2012 will be a major challenge, however, the Swatch Group is confident of again generating qualitative growth in 2012, despite the ever more challenging comparison basis.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
