US Leads Sales Hike at Watches of Switzerland

74
US Leads Sales Hike at Watches of Switzerland

Watches of Switzerland (WoS) has reported increased Q4 revenues of $483m, led by a 14 per hike in US sales (at constant currency rates).

The UK-based retailer said revenue across its 223 stores was up 4 per cent during the three months to 28 April, and up 2 per cent to $1.953bn for FY 2024.

Earlier this month WoS said it had bought the Italian Roberto Coin Inc, the sixth largest jewelry brand in the US, for $130m, granting exclusive and perpetual rights to distribute its jewelry in North and Central America, and the Caribbean.

“We finished the year strongly, with Q4 sales in line with guidance and ahead of consensus,” said CEO Brian Duffy.

“Particularly pleasing was the performance in the US, with sales up 14 per cent in the period.”

He said the company was entering FY 2025 with “cautious optimism”.

In its Trading Update the company said: “Following the more challenging trading conditions of FY24, we are cautiously optimistic about trading in FY25.

“The industry as a whole is being more conservative on production given the current volatility in the market, which we believe is a responsible approach to the long-term stability of the luxury watch market.”

Revenue for Q4 was divided equally between the US on the one hand and UK and Europe on the other. US sales remained strong across all regions, WoS said.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.