Watches of Switzerland reports ‘extremely strong’ UK sales
Luxury watchmaker Watches of Switzerland revenue has almost doubled during its first quarter with “extremely strong” UK trading.
Group revenue was £297.5m during the first quarter, up from £151.6m last year, as shoppers were keen to purchase both luxury watches and jewellery.
UK sales grew 104.7 per cent compared to the first quarter of the previous year with revenue of £221.7m, with the seller pointing to its digital marketing and store development efforts.
Sales of luxury watches were up on the comparable period to £259.3m, representing 87.1 per cent of revenue compared to 86.8 per cent while jewellery performed well to to the tune of £20.1m.
Group ecommerce sales were up 15.9 per cent compared to last year despite stores reopening after enforced store closures.
“We have had a very good start to the new financial year with a further acceleration in momentum, versus pre COVID-19 pandemic growth levels, underpinned by diversified growth across our markets and categories,” Brian Duffy, Watches of Switzerland chief executive officer, said.
“Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele.
“Our newly opened and refurbished stores have performed well, whilst our ecommerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model despite the strong prior-year comparator.”
The brand completed store projects including a new Goldsmiths store and two new mono-brand boutiques (OMEGA, Breitling) in Edinburgh and a new TAG Heuer mono-brand boutique in Manchester.
The group posted a £905.1m revenue in its most recent full year results to 2 May, as wealthy shoppers experienced a growth in disposable income during the pandemic.
Total revenue grew 13.3 per cent in the 53 week period while UK revenue rose 3.6 per cent to £606.5m.