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US market drives Watches of Switzerland revenue rise
StockMarketWire.com
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Watches of Switzerland Group has reported an 11.7% increase in its revenue to £905.1 million for the 53 weeks to 2 May 2021.
The rise in revenue was driven by the US which the company said has seen "outstanding growth", up 38.5% on the same period in 2020 and 64.8% on 2019.
There was a significant step-up in the company's ecommerce sales, which were up 120.5% relative to last year. Domestic sales now represent 94.7% of group revenue.
Watches of Switzerland Group has also confirmed the planned repayment of all furlough support received during the period from the UK Government. It has repaid and cancelled the £45 million Coronavirus Large Business Interruption Loan Scheme facility, as a result of a continued strong business performance
It has approval to launch the Watches of Switzerland Group Foundation with a £1.5 million initial contribution and an additional £1.5 million committed for FY22.
The company's net debt is £43.9 million as at 2 May 2021, down from the £129.7 million as at 26 April 2020 and relative to the guidance range of £60.0 million to £80.0 million.
Story provided by StockMarketWire.com
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