Watches of Switzerland enters next financial year with ‘cautious optimism’

Watches of Switzerland have announced it will “enter FY25 with cautious optimism” following its latest financial results.

For the 13 weeks (Q4 FY24) and 52 weeks (FY) to 28 April 2024, group revenue at the Leicester-based luxury watch retailer reached £380m, marking a 4% increase compared to Q4 FY23.

The revenue from luxury watches in Q4 FY24 also grew by 5% with a strong performance in the US.

The company continued to gain market share in the luxury watch sector in both the UK and US and the Rolex Certified Pre-Owned (Rolex CPO) program exceeded expectations, with plans to expand further in FY25 as UK supply conditions improve.

Brian Duffy, chief executive officer, said: “We finished the year strongly, with Q4 sales in line with guidance and ahead of consensus. We have seen growth in our Registration of Interest lists for sought-after products, and strong performance of pre-owned, particularly Rolex Certified Pre-Owned.

“Our acquisition of Roberto Coin Inc. (the exclusive North American distributor of Roberto Coin) dramatically accelerates our luxury branded jewellery strategy, and we see enormous potential in bringing together this iconic brand with our retailing expertise. We remain focused on executing our Long Range Plan and are committed to the targets to more than double sales and Adjusted EBIT by the end of FY28.”