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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Citizen Watch Co., Ltd.    7762   JP3352400000


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Watch brand Frederique Constant expects 25% drop in sales this year

10/09/2020 | 10:26am EST

ZURICH (Reuters) - Swiss watch brand Frederique Constant, owned by Japan's Citizen Watch Co, is hoping to limit the fall in sales to 25% this year as September business was almost back to normal, its chief executive told Reuters.

"That's what we're aiming for," Niels Eggerding said in an interview in Zurich this week.

Swiss watchmakers have been severely hit by the COVID-19 pandemic as stores stayed closed for weeks during lockdowns. Swatch Group's sales almost halved in the first six months of 2020 and Richemont posted a similar decline for the quarter to June.

The two industry heavyweights have not released trading updates since, but recent industry comments and watch export data are also pointing to a timid recovery.

"April was down 80%, May still around -50%, June almost back to normal, July and August down again, but September almost back to normal," Eggerding said, adding the UK market was doing well while China remained difficult for the Geneva-based brand that sold 160,000 watches last year.

He said, however, that the company, acquired by Citizen in 2016, had cut some jobs and many employees were still working shorter hours under a Swiss state-backed programme to avoid layoffs.

Frederique Constant and sister brand Alpina were among the first Swiss watchmakers to embrace smartwatches five years ago, while many peers ignored this competition that has since taken a heavy toll on Swiss watch sales in the entry-price segment.

Frederique Constant's new Vitality Gents smartwatch costs just under 1,000 Swiss francs (846.40 pounds), while prices for the latest Apple Watch on Apple's website start at 419 francs. Smartwatch sales currently represent about 10% of Frederique Constant's sales.

(Reporting by Silke Koltrowitz; editing by Emelia Sithole-Matarise)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. 1.61% 139.07 Delayed Quote.4.81%
CITIZEN WATCH CO., LTD. -1.29% 307 End-of-day quote.4.42%
COMPAGNIE FINANCIÈRE RICHEMONT SA -0.84% 84.78 Delayed Quote.6.72%
THE SWATCH GROUP SA -0.16% 256.8 Delayed Quote.6.50%
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More news
Sales 2021 208 B 2 001 M 2 001 M
Net income 2021 -21 767 M -210 M -210 M
Net cash 2021 21 956 M 212 M 212 M
P/E ratio 2021 -4,15x
Yield 2021 1,63%
Capitalization 95 981 M 925 M 925 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,27x
Nbr of Employees 15 024
Free-Float 87,2%
Duration : Period :
Citizen Watch Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends CITIZEN WATCH CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 8
Average target price 303,13 JPY
Last Close Price 307,00 JPY
Spread / Highest target 14,0%
Spread / Average Target -1,26%
Spread / Lowest Target -21,8%
EPS Revisions
Managers and Directors
Toshihiko Sato President & Representative Director
Toshiyuki Furukawa Director, Head-Information Systems & Accounting
Yoshitaka Ohji Director, Manager-Research & Development Center
Keiichi Nakajima Director
Norio Takeuchi Managing Director & Senior General Manager-Sales
Sector and Competitors