Watches of Switzerland (WOS) saw its sales increase in the first fiscal half amid the addition of the Roberto Coin brand to its jewelry stable and improved consumer sentiment for luxury brands.
Revenue rose 3% to GBP 784.8 million ($999 million) for the six months that ended October 27, compared with the same period of 2023, the company reported Thursday. US sales grew 8% to GBP 354.9 ($451.7 million), outweighing a 1% decline in the UK and Europe to GBP 429.9 ($547.1 million). However, while sales in the UK and Europe slipped slightly, the company recorded an improvement between the first quarter, which experienced a decrease of 4%, to the second quarter, which noted a 2% bump. Profit for the period fell 39% to GBP 28.9 million ($36.8 million).
There was “an encouraging improvement in trading in the second quarter, driven by growing demand in the UK and US,” said Watches of Switzerland CEO Brian Duffy. “We increased showroom stock levels of key brands. With the stock rebuild complete, in the second quarter we drove significantly improved US revenue. Our newly acquired Roberto Coin business in North America has traded strongly since acquisition and is now making a good contribution to our group.”
The company expects revenue for the full fiscal year to grow 9% to 12% at constant currency rates to between GBP 1.67 billion and GBP 1.73 billion, ($2.12 billion and $2.2 billion), it noted.
The UK-based business, which owns the Mayors brand and is a major retailer of Rolex watches, also observed that trading in the third quarter had a strong start.
Image: A Watches of Switzerland store in Broadgate, London. (Watches of Switzerland)
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