Watches of Switzerland sees revenue growth of 48% in Q4

Watches of Switzerland Group has announced it has seen a 48% increase in group revenue for Q4 2022, totalling £304 million.

The luxury watch company reported UK revenue for Q4 was up 47% to £168 million. The UK saw the opening of three mono-brand boutiques - Breitling Bullring, TAG Solihull and OMEGA Meadowhall. The company also relocated its Mappin & Webb location in Chester.

For the full financial year, Watches of Switzerland Group reported:

• Group revenue up 40% to £1.24 billion
• US revenue up 48% to £428 million
• UK revenue up 36% to £810 million
• Luxury watch sales were up 36% year-on-year
• Demand for luxury watches continues to be "very strong" in both the UK and the US, consistently exceeding supply

In Q3 FY22, the Group granted a free gift of 50 shares to all colleagues and launched employee share save schemes in the UK and US to further reward and incentivise colleagues.

Brian Duffy, Chief Executive Officer, said: “We delivered an outstanding performance in both the US and UK, supported by broad-based sales growth across our portfolio of world leading partner brands and driven by domestic clientele. We were also delighted to announce our forthcoming entry into the European market, which will provide our group with further growth opportunities and geographic diversification.”

“The luxury watch and jewellery markets are dynamic and our Group investment-led model continues to gain positive momentum. Consumer desire for “Super High Demand” brands (Rolex, Patek Philippe and Audemars Piguet) continues to exceed supply and other luxury watch brands are enjoying exceptionally strong demand and sales. Luxury jewellery demand is also very positive.”

“Looking ahead, our FY23 guidance reflects our confidence in our markets and business model. We enter FY23 with visibility of product supply for Super High Demand brands for the remainder of the 2022 calendar year and an exciting programme of new products and marketing from other brands. We have a strong pipeline of showroom projects, and we expect an ongoing recovery in footfall and airport traffic. Our focus will be on continuing to capitalise on the momentum we have built to deliver value for all our stakeholders.”