×
144
Fashion Jobs
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Manager / in Charge - Production/Quality/Cutting - Garments Industry
Permanent · Bhiwandi
MINT AND MILK COMMUNICATIONS
Senior Account Executive
Permanent · MUMBAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
PUMA
Manager- Business Intelligence
Permanent · Bengaluru
PUMA
Manager- Trade Compliance
Permanent · Bengaluru
PUMA
Manager- Supply Planning
Permanent · Bengaluru
PUMA
Senior Manager - Performance Marketing- Marketplac…
Permanent · Bengaluru
PUMA
Regional Sales Manager- Mbo (South)
Permanent · Bengaluru
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
PUMA
Manager Merchandising
Permanent · Bengaluru
PUMA
Project Manager- Operations
Permanent · Bengaluru
PUMA
Manager- Logistics Operations
Permanent · Bengaluru
PUMA
Warehouse Manager-D2C
Permanent · Bengaluru
By
Reuters
Published
Feb 9, 2010
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swatch full-year profit beats poll, upbeat on 2010

By
Reuters
Published
Feb 9, 2010

By Katie Reid

ZURICH (Reuters) - Swatch Group (UHR.VX), the world's largest watchmaker by sales, posted a forecast-beating full-year profit and confirmed its upbeat outlook for 2010, easing worries a flagging economic recovery may hit demand.

Swatch
Speedmaster Professional Moonwatch Apollo 11 from Omega

Net profit fell 9 percent to 763 million Swiss francs ($710 million), ahead of the average estimate of 698 million francs in a Reuters poll.

Swatch Group expects demand for its timepieces to tick higher this year thanks partly to key brand Omega's role as the official timekeeper at this year's Winter Olympics in Vancouver.

The impressive profit number adds to growing signs the watch industry may be emerging from its most severe slump in demand in decades and comes after a flurry of positive comments from other luxury goods makers such as Hermes (HRMS.PA), LVMH (LVMH.PA) and Burberry (BRBY.L).

"The main reasons for this positive outlook are the excellent start in 2010, increasing order entries as well as the improving economic environment and market confidence worldwide," Swatch Group said in a statement.

The group behind top-end watch brands such as Blancpain and Breguet said last week it is aiming for a record year in 2010 as demand for its timepieces rebounded in recent months.

BEATING EXPECTATIONS

"The 2009 figures are clearly ahead of expectations and we have to increase our EPS estimates by roughly 10 percent," Vontobel analyst Rene Weber said, adding the only slightly negative surprise was the cut in the dividend to 4.00 francs per bearer share from 4.25 francs a year ago.

One Zurich-based trader said the results were likely to boost shares in the group, which have come under pressure recently as investors have sought to lock in profit on the stock after a recent rally.

Swatch Group's operating margin dropped to 17.6 percent from the 21.2 percent posted in the year ago period, but profitability picked up in the second half and the full-year figure beat expectations. Stronger sales are seen boosting profitability this year.

Swiss rival Richemont (CFR.VX) last month posted forecast-beating sales over the Christmas period thanks to booming sales in the Asia-Pacific region, while independent watchmakers Girard-Perregaux and Parmigiani Fleurier expect the wealthy to splash out on pricey wares this year.

(Editing by Sharon Lindores)

($1=1.074 Swiss Franc)

© Thomson Reuters 2022 All rights reserved.