Swatch Group’s sales and profit fell during 2024, the Swiss watchmaker said on Thursday, as improvements in the United States and Japan failed to offset a steep downturn in China.

The maker of Omega, Longines and Tissot watches said its full-year sales fell 14.6% to CHF6.74 billion ($7.44 billion), missing forecasts for CHF6.95 billion in a consensus of analysts compiled by Visible Alpha.

Net income at the company, which also makes the Swatch plastic watches, plunged to CHF219 million from CHF890 million a year earlier, missing forecasts for CHF365 million.

Swatch said it was seeing “persistently difficult market conditions and weak demand for consumer goods overall in China”.

Its sales in greater China, and South East Asia – which are heavily dependent on Chinese tourism – fell by 30%.

The figures reflected the ongoing difficulties for many luxury companies in China, where customers have been shunning expensive purchases during the country’s economic slowdown.

Swatch is highly exposed to China, Hong Kong and Macau, generating 27% of its sales in the region, down from 33% a year earlier.