Watches of Switzerland posts record FY sales, profits

Watches of Switzerland posted record full-year sales and profits on Thursday amid continued strong demand.

In the year to 1 May, statutory pre-tax profit rose 98% to £126m, with revenues up 40% to £1.2bn. UK revenue jumped 36% to £810m, while in the US, there was a 48% increase to £428m. Adjusted earnings before interest and tax pushed up 68% over the year to £130m.

The watch retailer hailed continued strong demand for luxury watches and luxury jewellery and growth in average selling prices across brands.

Chief executive officer Brian Duffy said: "This has been a tremendous year for the Group, producing record sales and profits. It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.

"We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart. Taken together, these inherent strengths have seen us attract new consumers and continuously gain market share, strengthening our position as the destination for luxury watches and luxury jewellery."

The company said it had entered FY23 with strong momentum and reiterated its guidance for the year of revenue of £1.45bn to £1.50bn, and EBIT of £157m to £169m.