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Revenue Jumps at Watches of Switzerland

Dec 13, 2021 8:05 AM   By Rapaport News
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Watches of Switzerland saw sales and profit jump in the first fiscal half as the market recovered strongly in both the UK and the US.

Revenue jumped 42% year on year to GBP 586.2 million ($776.4 million) for the six months ending October 26, the jewelry and timepiece retailer reported last week. Compared with the same period of 2019, sales advanced 37%.

The increases reflected a favorable comparison with last year’s Covid-19 lockdowns, which had a more notable effect in the UK, where the company is headquartered, management explained. Its British stores closed for seven weeks ending June 2020; locations in the US began to reopen in early May 2020, with one store remaining shut until September of that year. The closures cost the business around GBP 80 million ($106 million) in sales, it estimated.

Revenue from luxury watches rose 41% year on year during the fiscal half year amid strong demand for the category, though a shortages of Rolexes limited sales. Jewelry — a much smaller business for the company — performed better, with revenue soaring 55%. Group profit leaped 84% to GBP 53.1 million ($70.3 million).

“Demand for bridal and diamond jewelry has been particularly strong with the reintroduction of weddings [following the end of] Covid-19 restrictions,” the company commented.

Watches of Switzerland owns an international store brand that shares the company’s name, as well as the US chain Mayors, and UK-based Mappin & Webb and Goldsmiths.

Image: A Watches of Switzerland store in Soho, London. (Watches of Switzerland)
Tags: COVID-19, goldsmiths, Jewelry, Mappin & Webb, mayors, Rapaport News, Rolex, UK, US, watches, Watches of Switzerland
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