Watches of Switzerland sales smash £590m despite Covid-19 impact

Watches of Switzerland Brian Duffy covid-19
Watches of Switzerland owner Jewel Holdco S.A R.L, which also owns Mappin & Webb and Goldsmiths, said it experienced particularly strong trading pre-lockdown
// Watches of Switzerland revenue rises 5.9% to £819.3m in the year to April 26
// It experienced particularly strong trading pre-lockdown during the first 46 weeks to March 15

Watches of Switzerland has reported a rise in group revenue pre-lockdown “reflecting strong brand partnerships”.

Revenue at the luxury group rose by 5.9 per cent to £819.3 million in the year to April 26.

Watches of Switzerland said it experienced particularly strong trading pre-lockdown during the first 46 weeks to March 15 with UK and US sales rising by 9.4 per cent and 36.4 per cent respectively.


This was driven by a 19.3 per cent increase in sales of luxury watches.

Meanwhile like-for-like sales in the period were up 9.3 per cent.

Across the full 52-week period, UK sales rose by a mere 0.6 per cent to £591.6 million while US sales increased 22.9 per cent to £227.7 million.

In the final six weeks of the year, Watches of Switzerland was affected by the Covid-19 pandemic as the lockdown resulted in store closures both in the UK and US.

However, its ecommerce channels performed well with a 45.8 per cent uplift in sales.

Watches of Switzerland now expects its full year adjusted pre-IFRS 16 EBITDA to come in at between £75 million and £78 million.

“Prior to the Covid-19 pandemic, the group had been on track to deliver double-digit sales growth, reflecting our strong brand partnerships, favourable market conditions and accelerating momentum in the US,” Watches of Switzerland chief executive Brian Duffy said.

“Despite the current challenges, demand for luxury watches has remained strong with online sales performance ahead of our expectations.

“Through our longstanding partnerships with the most prestigious Swiss watch brands, we have further enhanced the online customer experience with the introduction of additional brands which we had previously only transacted in our stores.”

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