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Luxury Goods

Watches of Switzerland Q1 revenues soar 96.2%

Comprising £221.7m in UK revenues and £75.8m from US operations, the Q1 FY22 figure represents a 42.1% jump when compared to the same period in 2019

Watches of Switzerland Group has revealed its revenues climbed 96.2% year-on-year to £297.5m for the 13 weeks ended 1 August 2021.

Comprising £221.7m in UK revenues and £75.8m from US operations, the Q1 FY22 figure represents a 42.1% jump when compared to the same period in 2019.

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The group’s luxury watches sales increased 97.1% year-on-year to £259.3m, while its luxury jewellery arm also saw 98.9% growth to £20.1m.

Brain Duffy, CEO at the company, said: “We have had a very good start to the new financial year with a further acceleration in momentum, versus pre Covid-19 pandemic growth levels, underpinned by diversified growth across our markets and categories.

“Our US business goes from strength to strength, with excellent, broad-based growth continuing to characterise our performance in this market. Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele.”

Looking ahead, Watches of Switzerland has maintained its FY22 guidance in both the UK and US, with stores set to open in Ohio, New Jersey, and Battersea.

Duffy added: “Looking ahead, we are excited about the planned launch in September 2021 of our Xenia project to further advance the customer experience. 

“We will continue to invest for growth and to advance our strategy to further enhance our leading position in the UK and become a leader in the US luxury watch market.”

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