×
1 857
Fashion Jobs
TK MAXX
Loss Prevention Officer - tk Maxx Bristol
Permanent · Bristol
LONDON CONTOUR EXPERTS
Marketing Executive/Junior Manager
Permanent · LONDON
ESTÉE LAUDER
Tom Ford - Business Manager - Flannels - Fosse Park, Leicester - 37.5 Hours - Full-Time - Permanent
Permanent · Leicester
VF INTERNATIONAL
International Account Coordinator - Ftc 12 Month
Permanent · NOTTINGHAM
TIMBERLAND
Credit Controller - German Speaking - Timberland
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - Italian Speaking - The North Face
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - French Speaking - The North Face
Permanent · CALVERTON
PINKO
Supervisor
Permanent · MANCHESTER
RALPH LAUREN
Operations Manager
Permanent · Cheshire
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis - 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - House of Fraser, Maidstone - 15 Hours - Part Time, Permanent
Permanent · Maidstone
ESTÉE LAUDER
Clinique - Consultant - Boots, Princes Street, Edinburgh - 14 Hours - Part Time - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
HUGO BOSS
Wholesale - Senior Sales Executive - Hugo Womenswear
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Edinburgh - 16 Hours - Part Time, Permanent
Permanent · Edinburgh
SHISEIDO
Marketing Director - Shiseido, Clé de Peau Beauté, Drunk Elephant
Permanent · London
REISS
Buying Admin Assistant
Permanent · LONDON
Advertisements
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 2021 All rights reserved.