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Watches of Switzerland Group PLC on Thursday reported a strong rise in revenue, as the retailer enjoyed increased demand for both watches and jewellery, but guided for this soaring sales growth to slow.
In the year ended May 1, the Leicester, England-based watch retailer reported pretax profit of £126 million, surging from £64 million the year prior.
Annual revenue jumped 37% to £1.24 billion from £905.1 million. In the UK, revenue was up 34% to £810 million, while US revenue was 44% ahead at £428 million.
Luxury watch sales were 36% higher, while luxury jewellery sales increased 86%.
Chief Executive Brian Duffy said: ‘This has been a tremendous year for the group, producing record sales and profits. It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.’
The luxury watch seller said it has started the new year with ‘strong momentum’, as Covid-19 disruption is largely behind it. It expects revenue between £1.45 billion and £1.50 billion in the financial year ahead, a moderation from financial 2022's growth.
‘We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart. Taken together, these inherent strengths have seen us attract new consumers and continuously gain market share, strengthening our position as the destination for luxury watches and luxury jewellery,’ Duffy added.
Shares in Watches of Switzerland were 1.5% higher in London on Thursday morning at 800.00 pence.
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