Watches of Switzerland reports strong UK and US growth
Watches of Switzerland saw its like-for-like sales climb by 10.8% in its first quarter.
In the three months to 28 July, UK and US like-for-likes rose by 11.5% and 8.7% respectively.
Meanwhile, total revenue increased by 17.8% to £209.4 million.
Brian Duffy, Watches of Switzerland chief executive, said: “Our first quarter as a listed business saw continued strong underlying growth in both the UK and US supported by the expansion of our showroom portfolio.
“Our focus on store upgrades and store customer service, supported by increasing digital and social marketing and closer collaboration with brand partners, is working.”
During the period, Watches of Switzerland began introducing a new showroom format in its Mayors stores in the US. It also opened a showroom in the new Wynn Boston resort in the US and relocated and refurbished its Brighton showroom in the UK.
Looking ahead, the company said it remains well positioned to meet its board’s expectations for the full year. It added: ” The luxury watch markets in the UK and US remain strong. We do however note the ongoing wider macro-economic uncertainty in the UK and US.”
Watches of Switzerland’s retail brands also include Goldsmiths and Mappin & Webb.
Photo by Georgia Hawkins.
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