THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Desert Island Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
TRB conference review
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
Retail Ecom North
Retail HR North 2025
Retail Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Watches of Switzerland posts flat first half sales

Watches of Switzerland has reported flat sales in the first half of its financial year as growth in luxury watches was offset by a slowdown in… View Article

FASHION RETAIL NEWS UK

Watches of Switzerland posts flat first half sales

Watches of Switzerland has reported flat sales in the first half of its financial year as growth in luxury watches was offset by a slowdown in the wider jewellery market.

In the six months to 29 October, revenue increased by 2% at constant currency to £761 million but was flat at reported rates.

Sales in the UK and Europe declined by 4% to £433 million after trading was largely driven by a domestic clientele.

However, sales in the US rose by 5% to £328 million which the group attributed to the success of its model and strong customer demand.

The results meant that Watches of Switzerland posted a year-on-year pre-tax profit decline of 20% to £67 million.

During the period, the group continued to invest in UK showroom openings with six mono-brand boutiques and one Goldsmiths multi-brand store in Bromley.

Brian Duffy, chief executive of Watches of Switzerland, said: “Looking ahead, we are well positioned for a good holiday trading period as we present our clients with our strongest ever range of luxury watches and luxury branded jewellery. We remain on track to deliver full year guidance, with our confidence for H2 underpinned by the reopening of several high revenue showrooms which were closed for upgrade in H1.

 “Looking further ahead, we are confident in our Long Range Plan objectives of doubling sales and profit by 2028  through capitalising on our leading market positions and the unique growth opportunities available to us as the world’s largest luxury watch retailer.”

Subscribe For Retail News