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Watches of Switzerland reports increase in revenue

The Watches of Switzerland Group has announced that its revenue was better than expected in the seven weeks to 15 March with like-for-like sales and revenue… View Article

FASHION

Watches of Switzerland reports increase in revenue

The Watches of Switzerland Group has announced that its revenue was better than expected in the seven weeks to 15 March with like-for-like sales and revenue increasing by 12% and 16.8% respectively.

However, the Covid-19 outbreak meant there was a reduction in footfall in its stores in airports in London and Las Vegas, although this was offset through higher sales to domestic customers in the UK and the US.

Looking ahead, the company said it is currently expecting total revenue for the year to 26 April to come in at between £809 million to £812 million. This is due to the closure of stores in the US and UK due to the coronavirus outbreak.

Brian Duffy, Watches of Switzerland chief executive, said: “Our priority is the health and wellbeing of our colleagues and customers during these unprecedented times. We are taking the necessary steps to mitigate and minimise the impact of this crisis on our business.

“We are anticipating a continuation of the store closures into our new financial year which begins on 27 April 2020. We remain confident in the strong fundamentals that underpin the luxury watch category including its great value preservation.  Demand remains strong and we anticipate that this will be the case when the market returns to more normal conditions.”

The Watches of Switzerland Group’s retail brands include Goldsmiths, Mappin & Webb and Watches of Switzerland in the UK and Mayors in the US.

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