Watches of Switzerland has announced a record revenue of £1.65bn for the year ending April 27, marking a 7% increase from the previous year. However, profit before tax decreased by 18%, falling to £76m.
The US market proved to be the main growth driver, with revenues climbing by 16%, compared to a modest 2% growth in the UK. Despite a challenging previous year, the UK market showed signs of recovery.
The company attributes its performance to its strong business model and strategic partnerships with leading luxury watch and jewellery brands. Its US business reached a significant milestone, surpassing $1bn in revenue for the first time, supported by the recent acquisition of Roberto Coin Inc.
The UK market has stabilised, and trading conditions have improved, contributing to the overall growth. The company’s performance underscores its leadership in the luxury goods sector.
