Watches of Switzerland has released its results for the 26 weeks to 29 October 2023 (H1 FY24). Sales in the UK and Europe dropped by 4 per cent to £433m, likely due to the current economic climate.
But in the USA, the retailer reported strong customer demand as sales rose 11 per cent at constant currency, +5 per cent at reported rates. Overall group revenue stands at £761 million, +2 per cent at constant currency, flat at reported rates.
Brian Duffy, Chief Executive Officer, said:
“We are particularly pleased with performance in the US, where we grew revenue +11 per cent in the period, and the US now comprises 43 per cent of Group revenue. The consumer environment in the UK continues to be more challenging and UK and Europe revenue was -4 per cent in the period, impacted by the timing of product intake in Q1 FY24 and temporary showroom closures for refurbishment.
“We have expanded our retail network at pace in the first half, opening a total of 19 showrooms globally, whilst investing in elevating the luxury experience for our clients through significant refurbishments across seven showrooms. We were also delighted to complete the acquisition of selected luxury showrooms from Ernest Jones in November 2023. Looking ahead into the balance of the financial year, we will integrate the Ernest Jones portfolio and continue to deliver on our exciting pipeline of new projects.”
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