Watches of Switzerland sees sales tick higher with new Scots sites to open
Watches of Switzerland Group has reported a jump in revenue in its first full year as a public company – as it prepares to open a string of Scottish stores between now and the spring.
The firm, led by Glasgowborn chief executive Brian Duffy, said revenue in the 12 months ending 26 April clocked in at £810.5 million, a year-on-year jump of 4.8 per cent. It had grown by 15.8 per cent in the first 46 weeks, then fallen by 84.9 per cent in the final six.
Core earnings jumped by 13.6 per cent to £78.1m, “at the top end of revised guidance”.
It came after the group opened a Rolex boutique in Glasgow at the end of first quarter of its current financial year, the brand’s first monobrand store in Scotland, which had been converted from a Watches of Switzerland site and whose debut had been delayed by the Covid-19 pandemic. It also opened a Goldsmiths in Edinburgh.
The business, which floated in May 2019, is also set to open a Goldsmiths, and Breitling and Omega mono-brand boutiques in Edinburgh St James by early summer.
Duffy said: “We delivered a strong performance during the first 46 weeks of the year before adapting with speed and agility to the challenges presented by the Covid-19 pandemic. Momentum accelerated in our US business, adding to the positive performance in the UK, and we remain confident in our strategy to drive profitable growth in both markets. We are pleased to have maintained full job security and salaries for all our staff in the UK and in the US during the lockdown period.”
The firm also gave revenue guidance for the current financial year of £840m to £860m. Duffy added: “We are wellpositioned to emerge even stronger from these uncertain and challenging times.”