Watches of Switzerland upgrades its guidance

Watches of Switzerland has upgraded its annual revenue and margin guidance following an increase in its Q2 sales. Revenue for the year through April is now expected to be between £880 million and £910 million up from its previous guidance of £840 million – £860 million. The business has enjoyed a near 50 per cent rose in its online sales.

“We are very pleased with the strong second-quarter performance we are delivering in what continue to be unprecedented market conditions,” said chief executive Brian Duffy. “Stronger than anticipated UK domestic sales are offsetting lower tourist and airport traffic, whilst regional stores are continuing to outperform London stores,” he added