// Watches of Switzerland has grown its fourth quarter group revenue to £304 million
// Group revenue climbed by 40% to £1.23 billion in the year to 1 May after UK and US revenue both increased
Watches of Switzerland full-year sales jumped 40% to £1.23billion after UK revenues rose by 36% in the year to May 1.
In the jewellery retailer’s first fourth quarter, total sales jumped 48% to £304 million. UK sales growth accelerated to 47% to £168million in its final quarter.
The US also saw strong revenue growth, increasing by 50% to £136 million.
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Watches of Switzerland Group chief executive Brian Duffy said: “We are pleased to report a strong quarter of 48% growth to finish what was an outstanding year for the group. We have delivered another record year of revenue and profitability as we continue to progress our long range plan. Our teams have again excelled and done great work.”
The retailer said it benefited from strong demand for luxury watches.
Its luxury jewellery sales rose 86% on the prior year due to a strong market and continued improvement in ranges.
Sales were also boosted by growth from the group’s Betteridge acquisition and the opening of its first BVLGARI mono-brand boutique.
The group now expects its full year profits to come in at between £160 million and £164 million, up from £105 million last year.
For its new financial year, Watches of Switzerland expects sales to grow to between £1.45 billion and £1.5 billion but it flagged that profits would remain flat.
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