The Watches of Switzerland Group which includes Goldsmiths and Mappin and Webb is upgrading its forecast having enjoyed strong demand in the six months since May. It benefited by a fall in the value of the pound against the US dollar which increased the value of its US sales.
Global sales were £765m for the period with luxury watch brands Rolex, TUDOR, OMEGA and Tag Heuer accounting for 87 per cent of revenues. Sales of upmarket jewellery generated £56 million. Online sales had risen by seven per cent.
CEO Brian Duffy said: “We are pleased to report another quarter of strong trading driven by broad-based sales growth across our portfolio of world-leading partner brands.
“Demand remained strong throughout the quarter (Q2) and continues to exceed supply, with client registration lists extending as consumers respond to innovative new products, impactful marketing and elevated client service.
“Our strong H1 performance underpins our full-year guidance, which we have upgraded to reflect the benefits of foreign exchange movements.”
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