Amid positive consumer demand for luxury timepieces, Watches of Switzerland’s group revenue increased by 25 percent for the full fiscal year.
The UK-based retailer reported sales of £1.54 billion ($AU2.94 billion) for the year that ended 30 April – a record for the company.
Sales increased by 10 percent in the UK and Europe, driven by the opening of 16 new stores.
In the US, revenue increased by 52 percent to £653 million ($AU1.24 billion). Watches of Switzerland CEO Brian Duffy said this market now represents more than 40 percent of total revenue.
“Luxury watch sales increased 28 per cent year-on-year, representing 87 per cent of group revenue,” it said.
“Luxury jewelry sales increased at a more modest 10 percent in the year, reflecting a tougher macroeconomic backdrop and focus on full-price sales. Following two years of exceptional performance, sales are significantly ahead of plan.”
In 2024, the company will debut a flagship Rolex store on London’s Old Bond Street and continue a joint venture with watch brand Audemars Piguet.
The company expects revenue of between £1.65 billion ($AU3.15 billion) and £1.7 billion ($AU3.24 billion) for the full year.
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