Watches of Switzerland Group boosted by strengthening sales growth
Watches of Switzerland Group has grown its first half revenue by 3% to £785 million, or 4% at constant currency, after an improvement in trading its second quarter.
In the half year ending 27 October, luxury watch revenue declined by 2% at constant currency following the impact of one-off increases in showroom stock levels to enhance displays and the client experience, particularly in the US.
However, luxury jewellery revenue rose by 104% in constant currency, or 103% reported, driven by the acquisition of Roberto Coin which contributed £51 million of revenue.
Meanwhile, US revenue increased by 11% at constant currency to £355 million, although UK and Europe revenue edged down 1% to £430 million on the prior year.
Brian Duffy, Watches of Switzerland Group chief executive, said: “We are pleased to report H1 FY25 revenue growth of 4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.”
Having kept its full year guidance unchanged, the group said it made a strong start to its third quarter in November ahead of the festive trading period. It is planning to open a number of new showrooms in its second half including a flagship Rolex boutique in London’s Old Bond Street.
Duffy added: “This year marks the centenary of Watches of Switzerland, celebrated with a number of exclusive products, and we extend our gratitude to our colleagues for their unwavering dedication and exceptional client service throughout the year.”
