Watches Switz Share News (WOSG)

(Alliance News) - Watches of Switzerland Group PLC on Thursday backed full-year guidance after a strong first half of the financial year which saw 10% growth in the sales of watches and jewellery.

The Leicester, England-based watch and jewellery retailer said revenue rose 7.6% to GBP845 million in the 26 weeks to October 26 from GBP785 million the year prior, or by 10% at constant currency.

UK sales increased by 2% and US sales by 15%, or 20% at constant currency, with growth of 16% at Roberto Coin, also at constant currency.

Watch sales jumped 10% at constant currency with jewellery also up 10%.

"We have delivered a strong first half," said Chief Executive Officer Brian Duffy.

He highlighted a "standout" performance in the US, driven by broad-based growth across brands and categories throughout the period.

He said the UK business performed well despite the "challenges" facing the UK high street.

"The luxury watch market remains stable and our results demonstrate the quality of our brand portfolio and our focus on enhancing showroom productivity and client service. The flagship Rolex boutique on Old Bond Street, the largest in Europe, continues to exceed expectations," he added.

Duffy said the firm is confident in delivering another year of strong sales growth and reiterated full year guidance.

Shares in Watches of Switzerland were up 6.9% at 417.07 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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