Watches of Switzerland reports second quarter sales increase
Watches of Switzerland Group has posted a 5% increase in second quarter revenue to £379 million at constant currency after it benefited from continued demand for luxury watches.
On a reported basis, sales were up 1% in the 13-week period to 29 October.
While revenue in the US grew by 11% at constant currency to £165 million, or by 4% on a reported basis, revenue in the UK and Europe came in at £214 million, in line with the prior year.
The group said its UK performance in the period continued to be driven by a domestic clientele.
Brian Duffy, chief executive of Watches of Switzerland, said: “I am pleased to report an improved Q2 trading performance, notwithstanding the difficult consumer environment. Our proven business model, the strength of our brand partnerships, international scale, bold marketing campaigns and dedication to exceptional client service, continues to drive the business forward.”
The group’s full year guidance for sales and profit remains unchanged as it looks to benefit from the re-opening of large refurbished showrooms before Christmas.
Duffy added: “In the second half, our major showroom upgrades in the UK will reopen pre-Christmas along with the reopening of our US Rolex boutique at Millenia, Orlando. That, combined with our sequential sales improvement over the quarter means we reiterate our FY24 guidance.”
