Luxury retailer Watches of Switzerland has recorded a revenue increase in the second quarter of the financial year off the back of solid sales performance in the US market.
The UK-based retailer operates more than 170 stores worldwide and is a major retailer of brands such as Rolex, Omega, Cartier, TAG Heuer, and Breitling.
Sales increased by one per cent in the second quarter on a year-on-year comparison, reaching £379 million ($AU724.6 million) for the period ending 29 October.
The retailer benefited from acquiring 19 Ernest Jones luxury watch stores from Signet Jewelers. Founded in 1949, Ernest Jones is a British jeweller and watchmaker.
Revenue in the US increased by four per cent to £205.6 million ($AU393.1 million). CEO Brian Duffy said that neutral sales in the UK came despite several challenges.
“We sustained strong momentum in the US,” Duffy said.
“The UK performance was delivered despite the impact of several Goldsmiths and Mappin & Webb showrooms closing for upgrade. We have been focused on developing our network of luxury showrooms across the UK, US, and Europe.”
The sale of luxury watches accounted for 88 per cent of overall revenue in the first half of the year, achieving sales of £670 million ($AU1.28 billion). Sales of jewellery declined by 17 per cent.
The company has maintained its annual sales forecast at between £1.65 billion ($AU3.15 billion) and £1.7 billion ($AU3.25 billion).
|
|
||
More reading
Rolex and Bucherer: Future of luxury watch industry still uncertain
Watch industry shocked: Rolex acquires Bucherer
Supply issues prompt sales decline for Watches of Switzerland
Luxury watch market approaching $100 billion milestone
‘Rational indulgence’ the key to Watches of Switzerland success
Revenue spike for Watches of Switzerland
Credit: Source link