RAPAPORT… Group revenue at Watches of Switzerland grew in the third fiscal quarter as increased online sales and domestic spending offset a drop in tourism.
Sales rose 6% year on year to GBP 272.6 million ($374.4 million) in the three months ending January 24, the company said last week. Revenue in the UK increased 1.5%, with online sales up 121%. Sales in the US jumped 16%, as the company opened eight new boutiques. It also saw strong momentum at its Mayors stores in Florida and Georgia, and at its Watches of Switzerland stores in New York.
Luxury-watch sales climbed 10% to GBP 231.3 million ($317.7 million), though revenue from jewelry slid 20% to GBP 22.2 million ($30.5 million).
Image: A Watches of Switzerland store in Boston, Massachusetts. (Watches of Switzerland)
Watches of Switzerland Sales Increase
The Bottom Line
- Group revenue rose 6% year over year to GBP 272.6 million ($374.4 million) in the quarter ending January 24.
- UK revenue grew 1.5%, with online sales surging 121%, while US sales increased 16% supported by eight new boutiques.
- Luxury-watch sales increased 10% to GBP 231.3 million ($317.7 million), but jewelry revenue declined 20% to GBP 22.2 million ($30.5 million).
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