Watches of Switzerland has said it is sticking to its full-year guidance for 2023 as there continues to be strong demand for luxury watches.
In half-year results, the London-listed retailer said revenue from luxury watches made up 87 per cent of group revenue, with sales growth of 31 per cent versus the previous year.
Group sales hit £765m, representing a leap from the £586m posted in the first-half of the 2022 financial year.
Watches of Switzerland put the increase down to increases in average selling prices and volumes.
Jewellery sales in the UK were flat compared to the previous year, which had seen growth boosted by post pandemic increases in weddings and social occasions.
The retailer has opened a slew of new showrooms including at the new Battersea Power Station retail complex in London.
The firm said that “significant enhancements” had been made to its Watches of Switzerland flagship Regent Street multi-brand showroom, as well as expanding and refurbished its showroom at Canary Wharf last month.
Shares had crashed by seven per cent on Wednesday morning while the company’s share price is down 41 per cent over the past year to date.