Swatch: Record Revenues of $6.7 Billion in 2010

(IDEX Online News) – Swiss watchmaker Swatch reported record gross sales of CHF 6.44 billion ($6.69 billion) in 2010, rising 21.8 percent at constant exchange rates. The increase in revenues resulted in a record operating profit of CHF 1.436 billion ($1.49 billion) and a net profit of CHF 1.08 billion ($1.12 billion), representing an increase of 41.5 percent over 2009.

Watches and jewelry sales by the group totaled CHF 5.53 billion ($5.75 billion), increasing 28.1 percent year-over-year and 20.7 percent over the previous record year of 2008.

“The significant double-digit growth rates were not only achieved for the luxury brands, but across the board in all price segments. All geographic regions contributed to this growth, with Asia clearly leading the way,” the company said in a statement.

Swatch’s production segment generated gross sales of CHF 1.54 billion ($1.6 billion) in 2010 and the electronic systems segment CHF 440 million ($457.2 million).

In its outlook for 2011, the company noted that the “strong uptrend seen in 2010 was confirmed again in January 2011. The current outlook for 2011 appears positive, despite the unfavorable currency constellation at present, particularly the US Dollar and the Euro against the Swiss Franc.”