(ATR) Sochi 2014 and a negative currency impact were two of the issues that hurt Omega's bottom line through June.
The news came from the Swatch Group's half-year report for 2014, which was released on Tuesday. The Swatch Group is an umbrella of timekeeping companies which includes TOP Sponsor Omega.
The report says operating profits for the Swatch Group were down 8.8 percent compared to this time in 2013, partly due to "the high level of marketing expenses for the Olympic Games." Omega and other Swatch brands heavily promote their Olympic association.
Overall gross sales for the Swatch Group grew 8.5 percent to $5.05 million.Net income for the Swatch Group for the first half of 2014 was reported at $754 million, down 11.5% from 2013.
As a TOP Sponsor, it is estimated that Omega pays over $100 million for a four-year sponsorship cycle.
Omega's relationship with the IOC dates back to the 1932 Los Angeles Olympics and will continue at least until Tokyo 2020.
Written by Aaron Bauer
20 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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