The Watches of Switzerland Group has announced a very strong trading performance for its first half-year sales ending 31 October as group revenue reached £586.2 million ($AU1.09 billion).
The trading performance results covered 26 weeks and saw a significant increase of 41.5 per cent compared with the same pre-COVID 2019 period, driven by strong UK demand.
Robust domestic sales in the UK increased by 42.3 per cent driven by demand from local consumers posting total revenue of £418.6 million ($AU778.34 million).
The group’s US expansion, the strategic acquisition of five stores in the UK and the reopening of global markets after COVID-19 restrictions were eased, significantly contributed to the rise in sales.
The bulk of revenues generated for the quarter was delivered by the sale of luxury watches posting an increase of 40.5 per cent at £508.8 million ($AU946 million) compared with the same period last year at £362.1 million ($AU673.3 million).
Group e-commerce sales performance also increased by 28.7 per cent.
According to Brian Duffy, chief executive officer, Watches of Switzerland Group, “I am delighted with our excellent first half-year performance. We introduced several initiatives and enhancements during difficult trading circumstances last year which have become permanent features of the business.”
He explained the business was strengthened through a strategic investment program highlighted by its long-term objectives, focusing on its “luxury watch leadership in the UK, become the clear market leader in the US and capitalise on the growth potential in the EU market.”
“We have started the third quarter with continued strong momentum and are well-positioned heading into the holiday period,” Duffy added.
The Watches of Switzerland Group is a luxury watch and jewellery retailer in the US and UK which operates 163 stores across the US and UK, along with retailers Goldsmiths and Mapping & Webb in the UK and Mayors in the US. The company is listed on the London Stock Exchange.