Watches of Switzerland posts record FY revenue as profits widen

Watches of Switzerland has hailed a record year for revenue, which was up 25 percent on a reported basis and 19 percent on a constant currency basis from the prior year.

The London-listed group made revenue of 1.54 billion pounds in the year to April 30, with sales in its luxury watch division up 28 percent - and representing 87 percent of total revenue - while luxury jewellery sales rose 10 percent.

Chief executive officer Brian Duffy commented on the results: “Luxury watch demand remains strong and continues to outpace supply, with our client registration lists extending and average selling prices growing.”

The group also improved its bottom line during the year, with its profit expanding to 121.8 million pounds from 101 million pounds the prior year.

Its FY24 outlook remains unchanged. It expects revenue of between 1.65 billion pounds and 1.7 billion pounds, reflecting growth of between 8 percent and 11 percent at constant currency.

It expects adjusted EBIT margin in line with FY23.

Duffy said: “We enter FY24 significantly ahead of where we expected to be when we presented our Long Range Plan in 2021, and we look forward to presenting our Long Range Plan update, which will outline our growth ambitions beyond FY26 to FY28, in autumn this year.”