10th Aug 2021 10:27
(Alliance News) - Watches of Switzerland Group PLC on Tuesday said an "extremely strong" first quarter has underpinned its existing full year guidance.
The Leicester-based watch and jewellery retailer booked revenue growth of 96%, rising to GBP297.5 million for the three months ended August 1. Revenue for the same period last year was GBP151.6 million.
The company said strong domestic sales boosted revenue despite subdued store traffic, instilling confidence in its full year outlook.
First quarter revenue in the UK more than doubled to GBP211.7 million from GBP108.3 million in the same period last year.
In the US, first quarter revenue climbed 75% to GBP75.8 million from GBP43.3 million last year.
The retailer tipped that the three months benefited from a reduction of in-store stock on key brands.
"Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele," said Chief Executive Brian Duffy.
"Our newly opened and refurbished stores have performed well, whilst our e-commerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model despite the strong prior-year comparator."
The FTSE 250 company recently launched an online platform in the US, as well as opened eight mono-brand boutiques. It has three mono-brand boutiques across Edinburgh and Manchester in its UK pipeline.
Duffy added that Watches of Switzerland will continue building brand awareness by investing in digital marketing initiatives.
Shares were up 3.1% at 1,055.58 pence in London on Tuesday morning trading.
By Josie O'Brien; [email protected]
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