Watches of Switzerland Q3 revenues grow, FY profits seen at upper end of guidance

(Sharecast News) - Retailer Watches of Switzerland said on Thursday that both third-quarter and year-to-date revenues had grown, leading the firm to expect full-year revenues and profits to trend more towards the top end of guidance.
Watches of Switzerland said third-quarter group revenues were up 27.9% at £348.1m, while year-to-date revenues were 38% stronger at £934.3m as demand for luxury watches continued to be "very strong" in both the UK and the US, consistently exceeding supply.

As a result of the strong trading seen in the 13 weeks ended 30 January, margin accretive sales growth of other luxury watch brands and price increases implemented by certain brands, Watches of Switzerland now expects full-year revenue and profit to be "towards the top end" of its already upgraded guidance.

Chief executive Brian Duffy said: "I am pleased to report continued strong momentum for our group following a successful Christmas trading period. We have delivered impressive growth in both luxury watches and luxury jewellery in both the UK and US markets demonstrating the value of our portfolio of world-leading partner brands.

"Strong trading to date, revised pricing by certain brands and visibility of supply for calendar 2022 all support our expectation to perform towards the top end of our full-year guidance. Demand in our category continues to outstrip supply and we remain confident in the future of our business and achieving the goals laid out in our long-range plan."