Watches of Switzerland enjoyed a 25 per cent rise in its revenues which reached £1.5bn for the year to 30 April ’23, with US revenue surging by 52 per cent to £653m. Growth in the UK and Europe was up by ten per cent. The business said that its adjusted EBIT is expected to be between £177m and £181m which is up from £144 for the previous year.
CEO Brian Duffy said: “FY23 was another record year of revenue and profitability, with revenue growth of 25 per cent at reported rates and continued EBIT margin expansion.
“Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow.”
He also intimated that the more challenging retail environment in the current year had led it to forecast a modest sales decline in the first quarter due to the strong previous year and that it expected FY 24 revenue growth to be between 8 and 11 per cent.