Watches of Switzerland Group raises full year sales guidance
Watches of Switzerland Group has raised its full year sales outlook after a strong third quarter.
In a trading statement, the group said sales growth was ahead of expectations in the 13 weeks to 25 January, with demand for luxury brands outstripping supply in its UK and US markets.
Subscribe to TRBThere was broad-based growth in the US across categories, brands and price points. The group said a Roberto Coin marketing campaign, combined with a focus on ranging and merchandising, helped drive an excellent sales performance in the North American market.
Meanwhile, trading conditions across luxury watches and jewellery in the UK were consistent with recent periods.
Last month, Watches of Switzerland Group announced the acquisition of US family owned retailer Deutsch & Deutsch, including four Rolex-anchored showrooms in Texas.
Brian Duffy, chief executive, of Watches of Switzerland Group, said: “I am pleased to report another period of strong performance, building on the sales momentum established in the first half and reflecting strong trading over the holiday period.
“We were also delighted to acquire Deutsch & Deutsch, comprising four Rolex-anchored showrooms in Texas with a portfolio including other key luxury watch and jewellery brands. This acquisition strengthens our presence in this key US market.”
The group now expects full year sales growth in constant currency of between 9% and 11% compared to a previous guidance of between 6% and 10%.
Duffy added: “It is particularly pleasing to be achieving these results despite an unusually volatile operating environment, including macroeconomic uncertainty and tariffs, and is testament to the collective contribution of our colleagues which will be reflected through our staff incentive arrangements.”
