Watches of Switzerland FY revenues grow despite Covid-19 impact
Watches of Switzerland Group
348.00p
11:10 26/04/24
Watches of Switzerland said on Thursday annual revenues grew 5.9% despite a hit from coronavirus-related lockdowns in the final six weeks of the year.
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Watches of Switzerland said revenues for the first 46 weeks of the year rose to £819.3m, driven by some particularly strong trading pre-lockdown - with UK sales up 9.4% and US sales surging 36.4% year-on-year. Like-for-like sales were up 9.3%.
The FTSE 250-listed firm said the improved figures were driven by a 19.3% increase in luxury watches sales.
However, across the full 52-week period, UK sales ticked up just 0.6% to £591.6m and US sales increased 22.9% to £227.7m as the firm was impacted by the Covid-19 pandemic and associated lockdowns.
Online sales had helped pick up some of the slack, with e-commerce sales soaring 45.8%.
Watches of Switzerland now expects full-year adjusted underlying earnings to come in between £75m and £78m.