Swatch Group Sales Miss Record as Strong Franc Dents Results
- Sales and net income fall short of analyst estimates
- CEO says China not as strong as hoped, outlook improving
This article is for subscribers only.
Swatch Group AG failed to hit the sales record predicted by its chief executive officer as the return of customers in China for brands including Omega and Longines disappointed and a strong Swiss franc weighed on results.
The Biel, Switzerland-based company reported revenue of 7.9 billion Swiss francs ($9.1 billion) for 2023, missing an analyst consensus estimate of 8 billion francs.