• Net sales of CHF 4 019 million, +18.0% to the previous year at constant exchange rates (+11.3% at current rates), despite a massive negative currency impact of CHF -242 million.
• Net sales exceeded the previous record half-year 2018 by +8.5%, at constant exchange rates.
• Double-digit growth in all watch and jewelry price segments, with strongest growth in the lowest price level.
• Operating profit increased by +36.4% to CHF 686 million (previous year: CHF 503 million).
  Operating margin of 17.1% (previous year: 13.9%).
• Net income increased by +55.6% to CHF 498 million (previous year: CHF 320 million).
  Net margin of 12.4% (previous year: 8.9%).
• Operating cash flow of CHF 281 million (previous year: CHF 287 million). 
• Net liquidity¹⁾ of CHF 2 099 million (previous year: CHF 2 397 million).
• Equity of CHF 12.1 billion (previous year: CHF 11.7 billion).
  Equity ratio of 86.0% (previous year: 85.5%).
• Excellent prospects for the second half of 2023 in all markets and price segments.

Outlook for the second half of 2023

Group Management sees excellent growth opportunities in local currencies for the second half of 2023 in all regions and price segments. The Group brands will introduce many innovative products on the market, especially – but not only – in the lower and mid-range segments. The only cloud on the horizon remains the unfavorable currency environment.

1) Cash and cash equivalents as well as financial assets, securities and derivative financial instruments minus current financial debts and derivative financial liabilities