Watches of Switzerland, a premier retailer of luxury timepieces, has announced a remarkable increase in both profits and revenues, underscoring the continued high demand for high-end watches in the UK and the US. The company saw its revenue soar by 17.3% to £428.7 million in the six months leading up to October 27, with like-for-like sales also showing strong growth at 10.3%. This exceptional performance translated into an impressive more than doubling of adjusted pre-tax profit to £26.5 million, while adjusted EBITDA climbed by 23.5% to £41.2 million.
Despite the challenging retail landscape in the UK, Watches of Switzerland thrived in its home market, with UK revenues up by 10.6% to £317.6 million. Like-for-like revenue in the UK also experienced a significant increase of 11%. Meanwhile, across the Atlantic, the company saw a substantial 42.1% surge in sales in the US, totaling £111.1 million, buoyed by a 7.5% rise in like-for-like sales and the introduction of new showrooms.
While luxury watch revenue witnessed a substantial uptick of 21.6% to £365.5 million, luxury jewelry revenue did see a slight dip of 2.5% to £31.5 million. However, Watches of Switzerland highlighted a positive development in UK jewelry sales, with a 6.2% increase in like-for-likes. This trend stands in contrast to reports from the ultra-luxury sector, indicating that jewelry sales are currently outstripping watch sales in driving overall revenue.
Despite the mixed performance in jewelry sales, Watches of Switzerland is steadfast in its dedication to meeting the growing appetite for high-end watches. The company recently strengthened its footprint by acquiring four new showrooms formerly operated by Fraser Hart in Stratford, Brent Cross, Kingston, and York. As part of this acquisition, Stratford and Brent Cross will be rebranded as Watches of Switzerland, while Kingston and York will adopt the name Mappin & Webb.
This strategic initiative aligns with Watches of Switzerland’s mission to provide a wide selection of luxury watches and deliver unparalleled service to its clientele. With a solid presence in both the UK and US markets, the company is well-positioned for continued expansion and success in the luxury watch sector.
For more information and to explore Watches of Switzerland’s exquisite collections, visit their website here. To stay updated on the latest trends in luxury watches, follow Watches of Switzerland on their social media platforms. Instagram | Facebook.
