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Watches of Switzerland has ended the financial year on a positive note, reporting double-digit sales increases in the US in the fourth quarter. | Source: Legacy West
Watches of Switzerland has ended the financial year on a positive note, reporting double-digit sales increases in the US in the fourth quarter. | Source: Legacy West

Watches of Switzerland finishes financial year on a high

Watches of Switzerland has ended the financial year on a positive note, reporting double-digit sales increases in the US in the fourth quarter.

For the quarter ending 28 April, Watches of Switzerland recorded £380 million ($AUD720 million) in revenue, an increase of 3 per cent on a year-on-year comparison. In the US, revenue increased by 10 per cent in the fourth quarter.

Revenue was flat for the fiscal year, reaching £1.54 billion ($AUD2.92 billion). Full-year revenue in the US increased by 6 per cent.

CEO Brian Duffy said the company is optimistic about the year ahead.

“We finished the year strongly, with Q4 sales in line with guidance and ahead of consensus,” he said.

Brian Duffy, Watches of Switzerland CEO
Brian Duffy, Watches of Switzerland CEO
"We are confident that our strategy, exceptional client service and strong brand relationships enable us to continue to drive growth and gain market share."
Brian Duffy, Watches of Switzerland

“We are confident that our strategy, exceptional client service and strong brand relationships enable us to continue to drive growth and gain market share.”

For the full year, jewellery revenue decreased 14 per cent, with sales strongest in the fourth quarter. The company drew attention to the popularity of branded jewellery in the report.

Across the coming year, the company is forecasting a revenue increase of between 9-12 per cent.

“The inherent strength of the categories we operate in, coupled with our superior business model and retail expertise, continues to set us apart,” Duffy added.

Watches of Switzerland recently announced the acquisition of Roberto Coin. As of April, the company has more than 220 stores across the UK, US, and Europe, including more than 90 brand-only stores.

Fluctuations in the share price of Watches of Switzerland over the past year.

 

More reading
Deal done: Watches of Switzerland acquires Roberto Coin
Reality check: Watches of Switzerland lowers forecast
Positive sales: Watches of Switerzland maintains optimistic forecast
Supply issues prompt sales decline for Watches of Switzerland
Watches of Switzerland sets revenue record

 











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