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Watches of Switzerland Sales Soar

May 24, 2021 8:11 AM   By Rapaport News
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Watches of Switzerland reported strong sales growth in its fiscal fourth quarter, reflecting both the boost from e-commerce in the UK and an easing of restrictions in the US.

Group revenue surged 76% year over year to GBP 218.2 million ($308.9 million) over the 14 weeks ending May 2, the UK-based company said last week. Relative to the fourth quarter of 2019, which excludes the effects of the coronavirus pandemic, revenue still grew by 22%.

In the UK, which accounted for just under two-thirds of group revenue for the quarter, online sales soared by 218%. Stores also experienced “strong” growth after reopening from lockdown earlier this year. The launch of three boutiques further developed the mono-brand channel, which offers a wide range of products from a single brand.

Sales in the US more than doubled from a year ago and grew 85% versus the same period in 2019. Mayors stores in Florida and Georgia and Watches of Switzerland shops in New York continued to experience strong momentum, the company said. The eight recently opened mono-brand boutiques were also “performing well,” it added.

In fiscal 2022, Watches of Switzerland expects group sales to reach GBP 1.05 to GBP 1.1 billion ($1.48 billion to $1.55 billion), compared with GBP 905.1 million ($1.3 billion) in the financial year just ended. The forecast doesn’t assume “any supply disruption or any national lockdowns in any of its markets, with a gradual recovery in footfall anticipated,” the company noted.

Image: A Watches of Switzerland store in the UK. (Watches of Switzerland)
Tags: Coronavirus, Florida, Georgia, mayors, new york, Rapaport News, retail, UK, US, Watches of Switzerland
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