Watches of Switzerland reveals record profit in 'tremendous year'
Watches of Switzerland Group has announced its results for the financial year ending 1 May 2022, revealing record annual profit in a "tremendous year".
The group's profit before tax almost doubled to £126 million, with group revenue reaching £1.2 billion, up 40% at constant exchange rates.
UK revenue rose 36% to £810 million whilst US revenue reached £428 million, driven through its multi-channel approach alongside digital marketing.
The company’s UK performance was also helped by strong demand at its Boutique Rolex outlets. Tudor branded watches, promoted by David Beckham, were also key drivers of sales. It opened 18 new showrooms in the year and refurbished 17 and confirmed it had “big plans” for its European business.
Looking ahead, the group expects revenue in fiscal year 2023 at £1.45-£1.5 billion and year-end net cash of £35-£45 million.
Brian Duffy, Watches of Switzerland Chief Executive Officer, said: "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. Our sustained capital investment has continued to support our growth plans. We have seen a strong performance from our recently opened and refurbished showrooms in the UK and US, and we have big plans for our European business.
"In addition, I am pleased that a year on from launch, we have donated £4.5 million to The Watches of Switzerland Group Foundation, in order to support the communities in which we operate. We enter FY23 with strong momentum with consumer demand continuing to outpace supply, and within this environment, we are benefitting from our strength both in showrooms and online."