(Alliance News) - Watches of Switzerland Group PLC on Thursday credited strong demand for luxury watches and jewellery for a resilient top and bottom line interim financial performance.
The Leicester-based watch retailer posted revenue of GBP586.2 million for the first half ended October 31, up 45% from GBP414.3 million a year before. Pretax profit almost doubled in the same period to GBP64.7 million from GBP36.2 million.
Growth was led by a significant increase in volumes of non-supply constrained brands, the retailer said.
Shares were 1.0% higher in London on Thursday morning at 1,469.14 pence each, while the wider FTSE 250 index was down 0.3%.
Chief Executive Brian Duffy commented: "I am delighted with our excellent first half year performance. Our success in both the UK and the US has been testament to our robust multichannel business model, the enthusiasm and commitment of our people, and the attractive dynamics of our category where demand continues to outpace supply."
Looking ahead, Duffy said the group started the third quarter with "continued strong momentum" and is well positioned heading into the holiday period with high stock levels.
Third quarter trading to date supports full-year guidance, the company outlined, with annual revenue expected between GBP1.15 billion and GBP1.20 billion. This would be up at least 27% from GBP905.1 million in financial 2021.
By Will Paige; willpaige@alliancenews.com
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Watches Switz (WOSG)