Watches of Switzerland has posted “record” figures for its year ending April 30 as it enters 2024 “significantly ahead” of what it previously forecasted as “demand remains strong and continues to outpace supply”.
Revenues at the luxury watch retailer rose 25% topping £1.54bn, while profits over the period came in at £179m, driven by an especially strong US performance.
The business achieved adjusted EBITDA of £201m for the period – up 24% year on year.
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As a result, the watchmaker reiterated its guidance for its 2024 financial year, voicing confidence in the outlook for organic growth, even as it continued “to actively pursue additional inorganic growth opportunities to enhance that growth”.
Chief executive Brian Duffy said the stellar performance is testament to its combination of longstanding luxury brand partnerships, dedicated colleagues focused on delivering exceptional client service, and its well-invested network of showrooms, which are supported by leading multi-channel capabilities.
Duffy said: “We start the new financial year with some great projects, with the opening of our Watches of Switzerland showroom at American Dream in New Jersey, upgrading and relocating our Mayors showroom in Dadeland Florida, the first opening of our new Mappin & Webb contemporary showroom design, and five mono-brand boutiques in the UK and Europe including our first showroom in Germany.”
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