//Watches of Switzerland reports record annual profits
// The business said the strong performance was driven by strength of model, good market conditions and international development
Watches of Switzerland has posted record full-year sales and profits on Thursday amid continued strong demand with the boss of the luxury retailer saying it had been a “tremendous” year for the business.
Group pre-tax profits at the business reached £126m, up 98% from 64m last year, with revenues up 40% to £1.2bn.
UK revenue jumped 36% to £810m, while in the US, there was a 48% rise to £428m while adjusted earnings before interest and tax pushed up 68% over the year to £130m.
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Chief executive officer Brian Duffy said: “This has been a tremendous year for the Group, producing record sales and profits. It is particularly pleasing to have delivered this performance against such strong prior year comparatives, with the expertise and dedication of my colleagues proving invaluable.
“We are undoubtedly operating in a growing segment, but it is our distinctive and proven business model, the strength of our brand partnerships, our international scale, our bold marketing campaigns and our dedication to client service which sets us apart.
“Taken together, these inherent strengths have seen us attract new consumers and continuously gain market share, strengthening our position as the destination for luxury watches and luxury jewellery.”