Sales growth strengthens at Watches of Switzerland amid US demand

Watches of Switzerland has revealed strengthening sales amid a boost from strong demand for timepieces in the US.

Shares in the London-listed firm climbed higher in early trading on Thursday as a result.

The retail firm revealed that group revenues grew by 4% to £785 million over the 26 weeks to October 27, driven by an acceleration over the second quarter.

Sales were particularly strong in the US, growing by 11% to £355 million over the period, as it benefited from its stock rebuild.

UK and Europe revenues were 1% lower at £430 million, but the group highlighted growing demand in the UK in recent months.

Brian Duffy, chief executive of the group, said that trading has started “encouragingly” over the current quarter, as it has continued with its showroom investment and opening plan.

Mr Duffy added: “We are pleased to report H1 FY25 revenue growth of 4% in constant currency reflecting an encouraging improvement in trading in Q2, driven by growing demand in the UK and US, and consistent growth in client registration lists, along with the acquisition of Roberto Coin in the period.

“Looking ahead, key showroom openings in the second half include the flagship Rolex boutique in Old Bond Street, London; Audemars Piguet Town House, Manchester; Rolex introduction in Plano, Texas, and a reintroduction in Jacksonville, Florida; and the conversion of Mayors Lenox, Atlanta, to a Rolex mono-brand boutique.

“Our trading momentum through November, visibility of intake and second-half opening of large showroom investments support our full-year guidance, which is unchanged.”

Shares in the business were 5.9% higher on Thursday morning.