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.”
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