Watches of Switzerland posts H1 profit jump amid strong demand
By Michele Maatouk
Date: Thursday 09 Dec 2021
(Sharecast News) - Watches of Switzerland posted a jump in first-half profit and revenue on Thursday as it hailed a "robust" performance in the UK and an "outstanding" one in the US.
In the 26 weeks to the end of October, adjusted pre-tax profit rose 71.6% on the same period a year ago to £65.7m, with revenue up 41.5% at £586.2m.
Luxury watches continue to benefit from a strong demand environment, it said, with growth in the half led by a significant increase in volumes of non-supply constrained brands.
The company said its UK performance was generate by a "thriving" domestic clientele. Despite negligible tourism and much-reduced airport business, revenue grew 42.3% to £418.6m. In the US, revenue was 50.2% higher at £167.6m.
The watch retailer said third-quarter trading to date supports the full year guidance upgraded in early November.
Chief executive Brian Duffy said: "I am delighted with our excellent first half year performance. We introduced several initiatives and enhancements during difficult trading circumstances last year which have become permanent features of the business, enabling us to continue to maintain high engagement levels with our customers whilst providing an exceptional experience and delivering attractive returns.
"Our success in both the UK and the US has been testament to our robust multichannel business model, the enthusiasm and commitment of our people, and the attractive dynamics of our category where demand continues to outpace supply."
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