--FILE--Pedestrians walk past a Swatch store in Hong Kong, China, 12 October 2013. Swatch Group AG Wednesday (5 February 2014) reported better-than-expected full-year 2013 earnings and forecast healthy sales growth driven by China for the coming year, giving a fillip to the broader luxury industry which is reliant on sales in Asia. Biel-based Swatch, which makes high-end watches under the Omega brand in addition to its famous plastic watches, had previously announced sales for the year had grown 8.3%, well above the 1.8% growth rate posted by the overall industry in the first 11 months of 2013. We are just steaming forwards, Swatch Group Chief Executive Nick Hayek said in an interview, adding the company would likely grow for a fifth consecutive year. He declined to offer specific guidance. Mr. Hayek said he still saw continued potential in the Chinese market, where a crackdown on extravagant gift giving has weighed on watch sales for the industry. He said Swatch sales in China remained healthy, particularly across the companys midprice brands, such as Longines and Tissot. He added that sales in the run-up to the recent Lunar New Year holiday, a traditional gift-giving season, looked very good.
