Watches of Switzerland benefits from strong UK sales
Watches of Switzerland saw its group revenue rise by 96.2% to £297.5 million in its first quarter after it benefited from strong trading in the UK.
In the three months to 1 August, the company achieved high conversion and good domestic sales despite subdued footfall in its stores. Luxury watches were particularly popular with sales up 97.1% to £259.3 million to account for 87.1% of revenue.
Online sales also rose, climbing by 15.9% year-on-year, as digital marketing, CRM and “clienteling” helped to drive strong customer engagement.
Brian Duffy, Watches of Switzerland chief executive, said: “We have had a very good start to the new financial year with a further acceleration in momentum, versus pre Covid-19 pandemic growth levels, underpinned by diversified growth across our markets and categories.
“Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele. Our newly opened and refurbished stores have performed well, whilst our ecommerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model despite the strong prior-year comparator.”
Looking ahead, Watches of Switzerland said its strong performance in the UK and US gives it confidence in its outlook for the remainder of the financial year. The company is planning to roll out more Goldsmiths Luxury elevated store formats and open new Watches of Switzerland stores in Battersea, Cincinnati and New Jersey.
Duffy added: “We will continue to invest for growth and to advance our strategy to further enhance our leading position in the UK and become a leader in the US luxury watch market.”
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