Swatch posts 20% profit rise on Tiffany compensation
Wednesday 05 February 2014
The world's biggest watchmaker, Swatch, stretched its lead over the rest of the industry today, generating record sales last year and seeing an "auspicious" start to 2014.
Despite currency headwinds as investors looking for safe havens drove up the value of the Swiss franc, the firm posted sales of 8.82 billion SwFr (£5.6 billion) in 2013, up more than 8 per cent.
This growth was more than four times faster than the 1.8 per cent rise in exports seen by the Swiss watch industry overall, “generating a significant increase in market share”.
The sales momentum has continued into January with all Swatch’s brands — including the pricey Omega sported by Daniel Craig’s James Bond — starting well, Swatch said.
Profits fared even better, topping forecasts with a 20 per cent rise to 1.92 billion SwFr (£1.33 billion), boosted by a payment of 402 million SwFr in damages from US jeweller Tiffany.
Tiffany warned on profits in December after a court ruled in Swatch’s favour over a failed joint venture struck in 2007 to make watches together under the Tiffany brand.
The Chinese market is also expected to recover this year after a government crackdown on bribery “gifts”. Swatch fared better than rivals as its Tissot and Longines brands still sell well to China’s rising middle classes.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Pornhub star Mia Khalifa receives death threats after being ranked the site's top adult actress
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
30,000 reasons why the rhetoric on immigrants claiming benefits can stop now
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...