Swatch 2011 report shows 21.7 percent increase gross sales

For 2011, the Swatch Group has record numbers at all levels to post once again. Despite the ongoing difficult currency environment, gross sales were up 21.7 percent on a currency-adjusted basis to CHF 7 143 million. The continued weakness in the euro and the dollar during the year had a major negative impact on sales of about CHF 700 million. Improvements in efficiency and the Group’s traditionally strong cost controls helped increase its operating profit for the year under review by 12.4 percent to CHF 1 614 million, despite an unfavorable trend in foreign exchange rates and the sharp rise in the price of gold and diamonds, two important commodities for us. The operating margin of 23.9 percent was able to beat the good level from the prior year. Overall, the Group posted record results, with its net income up 18.1 percent over the prior year to CHF 1 276 million.