Swatch posts steep drop in sales and profit as China struggles
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FILE PHOTO: A Swatch logo is pictured in front of the headquarters in Biel, Switzerland October 3, 2019. Picture taken October 3, 2019. REUTERS/Denis Balibouse/File Photo
ZURICH (Reuters) - Swatch Group's sales and profit fell during 2024, the Swiss watchmaker said on Thursday, as improvements in the United States and Japan failed to offset a steep downturn in China.
The maker of Omega, Longines and Tissot watches said its full-year sales fell 14.6% when measured at constant exchange rates to 6.74 billion Swiss francs ($7.44 billion).
The figure missed forecasts for 6.95 billion francs in a consensus of analysts compiled by Visible Alpha.
($1 = 0.9064 Swiss francs)
(Reporting by John Revill, Editing by Rachel More)
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