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Swiss conglomerate Swatch Group has reported a significant increase in sales for the past financial year despite grappling with currency fluctuations. | Source: Swatch
Swiss conglomerate Swatch Group has reported a significant increase in sales for the past financial year despite grappling with currency fluctuations. | Source: Swatch

Currency headache: Swatch Group reports strong sales

Swiss conglomerate Swatch Group has reported a significant increase in sales for the past financial year despite grappling with currency fluctuations.

Swatch Group - which owns brands such as Omega, Longines, and Tissot – reported total sales of CHF7.88 billion ($AU13.85 billion), a 5.2 per cent increase on a year-on-year comparison.

In a statement, the conglomerate said the surging value of the Swiss franc impacted sales.

“The rapid erosion of major currencies against the Swiss franc could not be offset by continuous price adjustments,” the statement reads.

“In North America, the strong growth trend continued, with the Omega, Tissot and Swatch brands breaking records.”

“In Asia, double-digit growth was achieved in Hong Kong, Macao, Thailand, India, Japan, and China. Europe posted single-digit sales growth, though sales sky-rocketed in Switzerland with a rise of more than 30 per cent.”

The statement continued: “In North America, the strong growth trend continued, with the Omega, Tissot and Swatch brands breaking records.”

In the first half of the financial year, Swatch reported an increase in sales of 18 per cent, the highest return since 2018.

Fellow Swiss company Richemont recently announced an increase in sales over the past quarter, reporting strong demand in both the US and Asia.

Watches of Switzerland meanwhile lowered its full-year forecast, attributing the decline to adverse economic conditions.

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