0923 GMT - Swatch Group's 2023 result reflected the significant pressure placed on the Swiss watchmaker's margin, which led to an 11% miss to operating profit expectations, Stifel analyst Rogerio Fujimori says in a note. The company's sales came in slightly below Stifel's expectations, implying a slowdown in growth in the second half of the year. "We believe that the wholesale channel dragged the group's performance in 2H23 as the retail mix further increased to 45% in FY23," Fujimori says. The analyst adds that the strength of the Swiss franc was a significant headwind weighing on the company's margin. That pressure should continue affecting margins this year at prevailing rates, the analyst says. Shares trade 1.4% lower to CHF210. (pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
January 23, 2024 04:23 ET (09:23 GMT)
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