Watches of Switzerland Q3 revenues grow
By Iain Gilbert
Date: Thursday 04 Feb 2021
(Sharecast News) - Retailer Watches of Switzerland said on Thursday that it had witnessed continued strong growth in the US and had also recorded a "robust" UK e-commerce performance in the third quarter of its trading year.
Watches of Switzerland said group revenues were up 6.6% year-on-year at constant currency to £272.6m in the thirteen weeks ended 25 January, with UK revenues up 1.5% at £186.1m despite the impact of lockdowns and US revenues 19.2% firmer at £86.5m.
The FTSE 250-listed firm maintained its full-year 2021 guidance despite UK market conditions having worsened since the time of its interim results in December, with the nationwide lockdown at the tail end of 2020 weighing on the retail environment across the country.
Watches of Switzerland assumes "a continued high level of uncertainty in the UK", where stores were not expected to reopen until late March at the earliest.
Chief executive Brian Duffy said: "We delivered another strong performance, driven by continued strong growth in the US and a surge in UK online sales, which mitigated the significant headwinds, the extended period of store closures and the continued very low level of international business in the UK.
"With a strong plan for continued investment and future growth, we are well-positioned to further enhance our leading position in the UK and become a leader in the US luxury watch market."
As of 0835 GMT, Watches of Switzerland shares were down 3.14% at 621.81p.
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