Watches of Switzerland Q3 revenue up 17 percent

Watches of Switzerland has reported revenue of 407 million pounds in the third quarter, up 17 percent from a year earlier, or up 12 percent at constant currency rates.

Performance in the quarter was driven by the group’s luxury watches division, where demand continues to exceed supply.

Luxury watches sales increased 22 percent year-on-year to 340 million pounds, while luxury jewellery was up 2 percent to 41 million pounds.

In terms of geography, sales in the US increased 36 percent to 169 million pounds, while UK and Europe revenue rose 7 percent to 238 million pounds.

The company said growth in the UK continued to be driven by domestic clientele “with limited return of tourist spending”.

Chief executive officer Brian Duffy told investors: “I am pleased with our strong Q3 performance which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service.”

Looking ahead, the group reiterated its guidance and expects full-year revenue of between 1.5 billion pounds and 1.55 billion pounds, and for adjusted EBIT of between 163 million pounds and 175 million pounds.