Swatch Group Provides Strong 2023 Outlook Citing Chinese Consumption Recovery

Swiss watchmaker Swatch Group ADR SWGAY said it expects strong sales growth in all of its regions and segments in 2023.
The company said after the end of COVID measures, consumption quickly recovered, not only in China, but also in the surrounding markets of Hong Kong SAR and Macau.
The strong outlook reflects the lifting of travel restrictions in China, revitalizing sales in tourist destinations.
The company's sales growth in January in China reinforces its expectation for a strong year in 2023.
Swatch reported a 2.5% year-on-year sales growth in FY22 to CHF 7.49 billion.
The operating profit increased 13.4% to CHF 1.16 billion, with an operating margin of 15.4%.
The company's Board of Directors will decide on the dividend proposal at the Annual General Meeting.
Price Action: SWGAY shares closed higher by 4.69% at $17.40 on Tuesday.
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