Watches of Switzerland revenues grow on continued 'strong demand'

British retailer Watches of Switzerland posted improved third-quarter revenues on Thursday as the group saw continued strong demand for luxury watches across the UK and US.

Watches of Switzerland said group sales were up 12.8% to £257.9m in the three months ended 26 January, with like-for-like sales up 6.8% year-on-year and online sales up 20.8%.

UK sales grew 7% to £183.3m and by 30% in the US to £74.6m as demand for key luxury watch brands continued to exceed supply, particularly over the all-important festive trading period.

Chief executive Brian Duffy said: "We are delighted to report another robust quarter, which was in line with our expectations, as we continue to capitalise on our market-leading position and strong brand partnerships.

"Looking ahead to the final quarter of the current financial year, improved visibility of luxury watch supply leaves us confident that we are on track to meet guidance for the full year."

As of 1100 GMT, Watches of Switzerland shares were down 1.83% at 342.60p.