THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Online Conversion Webinar 2020
Future of Retail Marketing 2020
The HR Summit 2020
The Future Of AI in Retail Conference 2020
Omnichannel Futures Conference 2021
ABOUT
CONTACT
SUBSCRIBE FOR FREE
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.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Online Conversion Webinar 2020
Online Conversion Webinar 2020
April 30 2020
Now online - Please register for details
The Retail Bulletin Online Conversion Webinar 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Now online, please register for details
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
The Future Of AI in Retail Conference 2020
The Future Of AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY
Omnichannel Futures Conference 2021
Omnichannel Futures Conference 2021
3 February 2021
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy