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Watches of Switzerland hails record sales and profit

Watches of Switzerland Group has posted an uplift in full year sales and profit after it benefited from continued strong demand for luxury watches and jewellery…. View Article

FASHION

Watches of Switzerland hails record sales and profit

Watches of Switzerland Group has posted an uplift in full year sales and profit after it benefited from continued strong demand for luxury watches and jewellery.

Pre-tax profit surged to £126 million in the 12 months to 1 May from £64 million the prior year, while group revenue increased by 37% to £1.24 billion.

Brian Duffy, chief executive of Watches of Switzerland, said: “This has been a tremendous year for the group, producing record sales and profits. It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.

“We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart.”

The group said it put in an excellent performance in the UK with revenue growing by 36% to £810 million. Meanwhile sales in the US climbed by 48% to £428 million.

Duffy added: “We have seen a strong performance from our recently opened and refurbished showrooms in the UK and US, and we have big plans for our European business. In addition, I am pleased that a year on from launch, we have donated £4.5 million to The Watches of Switzerland Group Foundation, in order to support the communities in which we operate.”

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