Watches of Switzerland posts strong results

Watches of Switzerland has posted £905.1m in revenues – up 13.3% for the 53 weeks to 2 May.  

Pre-tax profits increased by £1.5m to £63.7m. Sales of luxury watches increased by 16%, which made up 81% of the group’s revenues.

Online sales at the group also grew over the past year and were up by 120%.

Chief executive Brian Duffy said: Trading has remained strong in both the UK and the US since the year-end. Our customer has accumulated disposable wealth and our category is an attractive option.

The luxury watch market remains predominantly supply-driven with demand exceeding product availability for key brands and models.

“In the UK, where our stores were closed for approximately half the year, we further enhanced our market-leading position.”