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Watches of Switzerland reports jump in third-quarter revenues

Published 09/02/2023, 07:53
Updated 09/02/2023, 08:11
© Reuters Watches of Switzerland reports jump in third-quarter revenues

© Reuters Watches of Switzerland reports jump in third-quarter revenues

Proactive Investors - Watches Of Switzerland Group PLC (LON:WOSG) said luxury watches continued to drive performance as third-quarter revenues jumped 17%.

The luxury jeweller reported sales of £407mln in the 13 weeks to 29 January 2023, compared to £348mln for the same period a year earlier, according to a statement.

For the first nine months of the current financial year, revenues were up 25% to £1.17bn at reported rates.

The Rolex and Cartier retailer said performance continued to be driven by luxury watches, with revenues up 22% in the quarter compared to the same period last year as “demand continues to exceed supply”.

Watches represented 84% of total third-quarter revenue, with growth driven by an increase in average selling price and volume, it said.

“Demand remains strong and continues to exceed supply, with client registration lists growing. We exited the quarter with good momentum and are pleased to reiterate our full-year guidance,” said chief executive Brian Duffy.

Watches of Switzerland said it remains confident in its long-range plan objectives, believing in the strength of luxury watches and jewellery.

"Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our Long Range Plan objectives,” said Duffy.

Full-year revenue is expected to be between £1.5bn and £1.55bn, according to the statement,

Read more on Proactive Investors UK

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