// Watches of Switzerland sales grow in 13 weeks to January 30, 2022
// The retailer said it has expanded throughout Europe
Watches of Switzerland has recorded a strong sales growth thanks to a “thriving domestic clientele”.
The retailer said it has expanded, with a further five new Goldsmiths Luxury stores in the UK, as well as three new TAG Heuer boutiques.
For the third quarter covering the 13 weeks to January 30, 2022, Watches of Switzerland reported a 27.9% year-on-year jump and a 36.5% increase on two year comparables in group sales to £348.1 million.
READ MORE: Watches of Switzerland sales smash £418m
Group profit in the nine month year to date ended £934.3 million.
Third quarter UK sales were up 20.1% year-on-year to £223.5 million, driven by a 15.3% increase in luxury watch sales and a 55.7% jump in luxury jewellery sales.
Ecommerce sales were down 1.1% year on year, compared to when Watches of Switzerland stores were closed for the nine of the 13 weeks covering the quarter.
In the US, sales jumped 44.6% to £124.6 million thanks to demand for luxury watch brands, of which sales were up 214.3%.
Watches of Switzerland said it expected full year profits to come in at the top end of expectations and, following a strong trading period, unveiled plans to expand the brand into the Republic of Ireland and continental Europe.
The retailer has acquired six “mono branded” stores across Ireland, Sweden and Denmark during the period, which it plans to open in the first half of 2023.
“I am pleased to report continued strong momentum for our group following a successful Christmas trading period,” Watches of Switzerland chief executive, Brian Duffy said.
“We have delivered impressive growth in both luxury watches and luxury jewellery in both the UK and US markets demonstrating the value of our portfolio of world leading partner brands.
“I am also pleased to report a strong sales performance of the five stores acquired in the year and a great contribution from our new colleagues.
“We have announced today our entry into the European market with mono-brand boutiques agreed in Sweden, Denmark and Republic of Ireland providing our group with further geographic diversification in line with our Long Range Plan.
“Having received its £3 million donation in the period, The Watches of Switzerland Foundation has now begun putting the proceeds towards providing essential support in the communities where we live and work in the UK and in the US.
“Furthermore, in recognition of our colleagues’ hard work and to ensure they have the opportunity to share in the success we deliver as a business, we are pleased to have provided all our colleagues with a gift of 50 free shares and access to employee share save schemes in the UK and US.
“Strong trading to date, revised pricing by certain brands and visibility of supply for calendar 2022 all support our expectation to perform towards the top end of our full year guidance.
“Demand in our category continues to outstrip supply and we remain confident in the future of our business and achieving the goals laid out in our Long Range Plan.”
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