THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Retail HR North 2025
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Watches of Switzerland benefits from strong demand for luxury watches

Watches of Switzerland Group has grown its half year sales and profits after benefiting from the popularity of luxury watches. The group’s revenue in the 26… View Article

FASHION RETAIL NEWS UK

Watches of Switzerland benefits from strong demand for luxury watches

Watches of Switzerland Group has grown its half year sales and profits after benefiting from the popularity of luxury watches.

The group’s revenue in the 26 weeks to 30 October rose by 31% on the prior year to £765 million while adjusted EBIT was 29% higher year-on-year at £87 million.

The performance was driven by continued strong demand for luxury watches and jewellery. The group was also boosted by progress made with its showroom expansion and refurbishment programme where 20 showrooms were opened across the UK, US and Europe.

Revenue in the UK was up 8% to £454 million in the period while US sales climbed by 86% to £311 million.

Brian Duffy, Watches of Switzerland Group chief executive, said: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.

“Our proven business model, international scale, bold marketing and dedication to client service truly sets us apart, and our client registration lists continue to extend as we continue to attract new clients as well as retain a loyal base of existing ones.”

The group said trading in the first six weeks of its third quarter is in line with expectations and that its full year guidance remains unchanged.

Duffy added: “We look ahead with confidence as we continue to deliver on our long range plan objectives of maintaining our leadership position in the UK, becoming the clear leader in the US, and capitalising on the growth potential in Europe.”

Subscribe For Retail News