Watches of Switzerland revenues hit £1.5bn in FY23

Watches of Switzerland has revealed that the group’s revenues reached £1.5bn for the year ending 30 April, as its UK and Europe revenue increased by 10% to £890m. 

This comes as its luxury watch revenue rose 28%, driven by increases in average selling price and volume, while luxury jewellery and ecommerce revenue grew by 10% and 3% respectively. 

As a result, the group expects its adjusted pre-IFRS 16 EBIT to be between £163m and £167m, compared with £130m in FY22, as it continues to deliver margin expansion despite headwinds from interest free credit and product mix.

During Q4 of 2022, the group’s UK showroom development programme continued, seeing the completion of several projects, as well as the rollout of the Goldsmiths luxury format that were expanded and refurbished in Cabot Circus, Bristol and Lakeside, West Thurrock. 

Brian Duffy, CEO of Watches of Switzerland, said: “FY23 was another record year of revenue and profitability. Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow. I would like to thank all my colleagues for their continued hard work and dedication.

“We have an exciting pipeline of showroom projects, and I am delighted to announce the group has signed a letter of intent with Audemars Piguet confirming its intention to open an AP House in the UK in the region of St Anne’s, Manchester, via a Joint Venture partnership in Spring 2024.” 

He added: “We enter FY24 significantly ahead of where we expected to be in our Long Range Plan following two years of exceptional performance and notwithstanding the macroeconomic backdrop. We remain confident in our goals to maintain our leadership position in the UK, become the clear leader in the US, and capitalise on our growth potential in Europe.”