Leicester-based Watches of Switzerland Group has reported a strong third quarter with revenue on the rise.
According to a trading update for the 13 weeks to 29 January 2023, revenue grew to £407 million, up from £348 million in the same period of the prior year.
The company says this was driven by luxury watches, where demand continues to exceed supply.
Brian Duffy, Chief Executive Officer, said: “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.
“I would like to thank all my colleagues for their ongoing dedication and hard work especially during the Holiday period. Demand remains strong and continues to exceed supply, with client registration lists growing. We exited the quarter with good momentum and are pleased to reiterate our full year guidance.
“Our expansion into Europe continued with the opening of our fifth mono-brand boutique, with OMEGA in Stockholm in the third quarter. Early trading remains positive, and we are excited to open our first mono-brand boutique in Dublin with TAG Heuer later this month.
“Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our Long Range Plan objectives.”
