// Watches of Switzerland reports 11.7% year-on-year increase in overall revenue to £905.1m
// This was driven by 38.5% sales growth in the US, while sales grew 3.6% in the UK
// Ecommerce sales surges 120.5%
Watches of Switzerland has recorded strong full year sales thanks to growth across the UK and the US – particularly the latter – and the momentum is continuing into the current year.
For the year ending May 2, the watch retailer reported an 11.7 per cent year-on-year increase in overall revenue to £905.1 million.
The rise in revenue was driven by the US which the retailer said has seen “outstanding growth”, up 38.5 per cent on the same period in 2020 and 64.8 per cent against 2019 – well before the Covid-19 pandemic struck.
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For the UK, Watches of Switzerland reported a 3.6 per cent uptick in annual sales, despite enforced store closures for 26 weeks of the year and “significantly reduced tourism and airport business”.
Meanwhile, the retailer said there was a significant step-up in ecommerce sales, which were up by a whopping 120.5 per cent relative to last year.
Watches of Switzerland said it was continuing with plans to open a number of new stores in the coming year, including the rollout of its elevated Goldsmiths Luxury store format.
The retailer also confirmed the planned repayment of all furlough support received during the period from the UK Government.
It has also repaid and cancelled the £45 million Coronavirus Large Business Interruption Loan Scheme facility, as a result of a continued strong business performance.
“We finished the year strongly and enter the new financial year with real momentum, continuing to prove the value of our highly differentiated model,” Watches of Switzerland chief executive Brian Duffy said.
“Our teams have adapted and pushed on, stepping up to the challenges and opportunities with inspirational enthusiasm and positivity. I am very proud of what they have achieved and thank them for their immense contribution.
“Throughout the year, we either met or exceeded our guidance despite the changing circumstances, in particular the much longer-than-expected last lockdown in the UK.
“In the UK, we delivered a very robust performance, overcoming a total of 26 weeks of store closures and hugely reduced travel and tourism business. In the US, we generated an outstanding result with very strong momentum.
“Looking ahead, we are confident in our plans to continue investing for growth and to sustain the momentum we have built into FY22 and beyond.
“We look forward to providing an update at our full-year results on our strategy to further enhance our leading position in the UK and become a leader in the US luxury watch market.”