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(Alliance News) - Rolex seller Watches of Switzerland Group PLC on Thursday said it is on track to meet full-year expectations after reporting a third-quarter sales rise.
In the 13 weeks to January 26, revenue was 13% higher at GBP257.9 million from GBP228.7 million a year prior. UK sales were up 7.0% year-on-year at GBP183.3 million, with US sales climbing by just shy of a third to GBP74.6 million.
On a like-for-like basis, total third quarter sales were 6.8% higher, amid 6.1% growth in the UK and a 9.0% uptick in the US.
For the nine months to January 26, revenue was 16% higher year-on-year at GBP686.6 million.
Chief Executive Officer Brian Duffy said: "We are delighted to report another robust quarter, which was in line with our expectations, as we continue to capitalise on our market leading position and strong brand partnerships.
"The sales performance during the third quarter was broad-based with several brands delivering double-digit growth. Our Christmas trading in the UK was strong despite the competitive and promotional wider market backdrop. Holiday sales were also strong in the US in what were overall positive trading conditions. Our jewellery business performed well relative to the market with positive customer reaction to the new ranges."
By segment, there was a 16% year-on-year third quarter sales rise in luxury watches, though sales in luxury jewellery and fashion fell by 1.0% and 9.7%, respectively.
Alongside Rolex, Watches of Switzerland sells other luxury brands such as Cartier, Omega, TAG Heuer, and Breitling. It joined the London Stock Exchange in June.
Duffy added: "Looking ahead to the final quarter of the current financial year, improved visibility of luxury watch supply leaves us confident that we are on track to meet guidance for the full year. Whilst there has been a delay in the final completion of the Fraser Hart transaction, we expect it to close imminently.
"We continue to monitor the effects of the ongoing coronavirus outbreak on the wider market and global trade."
The coronavirus spread has caused uncertainty in markets globally. It has led to a number of events being cancelled.
The upcoming annual trade show of the Swiss watchmaking industry in Geneva was cancelled in view of the worldwide spread of the contagion, the organisers announced.
The decision not to hold the April 25-29 fair was taken "in order to protect the health and well-being of all our guests," they said in a statement.
On Thursday Geneva authorities reported Switzerland's second Covid-19 case, dpa reported. The man was tested positive after returning from a trip to Milan in Italy.
Watches of Switzerland shares were 1.2% lower at 344.80 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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