Swatch Group results down in 2019
Group net sales of CHF 8,243 million (-2.7%) for an operating result of CHF 1,023 million (-11.4%). The operating margin amounted to 12.4% versus 13.6% in the previous year. Net income of CHF 748 million (-13.7%) with a net margin of 9.1%. The operating cash flow increased by 30% to CHF 1,224 million. Excluding Hong Kong SAR, Group sales increased in the second half of 2019 by 5% at constant exchange rates and the operating result by 6%. Group management expects healthy growth in 2020 in all markets in local currency, with the exception of Hong Kong SAR. The currency situation will remain challenging. A special highlight for the Group will be the Olympic Summer Games in Tokyo, where Omega can uniquely showcase itself in one of the largest luxury markets in the world.