Watches of Switzerland reports increase in H1 revenue, profit

Watches of Switzerland has reported an increase in revenue and profit in the first half of the year.

The London-listed group made revenue of 765 million pounds in the six months to October 30, up 31 percent from the prior year, or up 23 percent at constant exchange rates.

It said it experienced continued strong demand across its luxury watches and jewellery divisions, with growth driven by increases in average selling price and volume.

Adjusted EBIT increased 29 percent to 87 million dollars.

Chief executive Brian Duffy told investors: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.”

He added: “We continue to expand our retail network, opening a total of 20 showrooms across the UK, US and, Europe in the first half of FY23, and to invest in elevating the luxury experience for our clients through showroom refurbishments.”

The group said it has reiterated its FY23 guidance as its Q3 trading to date has been in line with expectations.

It expects full-year revenue of between 1.5 billion pounds and 1.55 billion pounds, and adjusted EBIT of between 163 million pounds and 175 million pounds.