Watches of Switzerland has seen its group revenue increase by 5.9% to nearly £820 million in the year to 26 April. The owner of the retailer, Mappin & Webb stated that it experienced particularly strong trading pre-lockdown. This was driven by a 19.3% increase in sales of luxury watches. Meanwhile like-for-like sales in the period were up 9.3%.
“Prior to the covid-19 pandemic, the group had been on track to deliver double-digit sales growth, reflecting our strong brand partnerships, favourable market conditions and accelerating momentum in the US.”
“Despite the current challenges, demand for luxury watches has remained strong with online sales performance ahead of our expectations. Through our longstanding partnerships with the most prestigious Swiss watch brands, we have further enhanced the online customer experience with the introduction of additional brands which we had previously only transacted in our stores.”
Brian Duffy – Watches of Switzerland, Chief Executive
