Watches of Switzerland Group posts strong third quarter sales growth
Watches of Switzerland Group has posted a 17% increase in third quarter revenue after trade was driven by the luxury watch category where demand continues to exceed supply.
In the 13 weeks to 29 January, revenue rose to £407 million from £348 million a year earlier.
Brian Duffy, Watches of Switzerland Group chief executive, said: “I am pleased with our strong Q3 performance which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service.”
Revenue in the UK and Europe edged up 7% to £238 million. The UK particularly benefited from buoyant sales to a domestic clientele as well as a limited return of tourist spending.
Meanwhile sales in the US rose by 36% to £169 million following strong client demand.
During the period, the group continued its expansion in Europe with the opening of its fifth mono-brand boutique with OMEGA in Stockholm. It will also be launching its first mono-brand boutique in Dublin with TAG Heuer later this month.
Looking ahead, the group said it remains confident that its long range plan will deliver due to the strength of the luxury watch and jewellery categories and the strength of its business model.
Duffy added: “I would like to thank all my colleagues for their ongoing dedication and hard work especially during the holiday period. Demand remains strong and continues to exceed supply, with client registration lists growing. We exited the quarter with good momentum and are pleased to reiterate our full year guidance.”
The group’s brands include Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge.
