The owner of the Goldsmiths luxury jewellery and watch store chain says it has seen a big jump in sales in the last six months.
The Watches of Switzerland Group said it saw revenues of £586.2 million in the six months to October 31 – almost 45 per cent up on the same period last year.
The business, which also owns Mappin and Webb, put the better than expected growth down to solid sales at home and a US expansion strategy that had seen more stores opening.
Despite that – and after upgrading its forecast for the year – the group said it does not expect its tourism and airport revenues to return to pre-pandemic levels any time this year.
Shares in the Leicester-headquartered business were up 15 per cent today at £12.98.
In recent months the group has been investing in its American Mayors chain, and doing more with its single brand watch shops in the 海角视频 and US.
It is also opening a new Watches of Switzerland store in the Battersea Power Station redevelopment next year, and continuing to refresh its Goldsmiths stores – with the Leicester Highcross store currently closed for refurbishment.
The group also continued to open stores during the year, including Cardiff and Glasgow, and three single-brand boutiques in Plymouth.
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Chief executive Brian Duffy said he was very pleased with the half year figures.
He said: “Over the last two years, we have demonstrated the versatility of our multi-channel model with a more than doubling of sales to domestic clients and within this half year, a significant change in brand mix.
“We have enjoyed re-connecting with customers in our stores whilst further elevating the experience by retaining several initiatives and enhancements introduced during the Covid-19 pandemic.
“We have further expanded the luxury watch and jewellery virtual boutique in the 海角视频, continued to grow the “By Personal Appointment” business which now accounts for approximately 40 per cent of 海角视频 sales and continued to enhance CRM (customer relationship management technology), clienteling and digital marketing initiatives.
“Our teams have been fantastic in embracing all modes of customer engagement, driving growth across all channels throughout this period.
“We continue to build on a growing foundation in the US, further strengthening our position through the agreement to purchase five stores in four new states.
“The strength of our performance, both in our well-established 海角视频 business and in our growing US business, coupled with our confidence in the luxury watch and jewellery categories has led us to upgrade our guidance for the full year. We are well stocked for the holiday period and look forward to providing an exceptional shopping experience for our customers.
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“I would also like to take this opportunity to thank my colleagues for their dedication and enthusiasm and to welcome our new colleagues to the business.”
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The Watches of Switzerland Group is the biggest 海角视频 retailer for Rolex, Cartier, OMEGA, TAG Heuer and Breitling watches, and has 158 stores across the 海角视频 and US.
The 海角视频 side of the business accounted for sales of £418.6 million for the half year, up 42.3 per cent on a year earlier. Online sales were up 29 per cent year-on-year, despite stores being fully open.
US trading was up 50 per cent at £167.6 million.
The business said the five new stores it had agreed to buy on the other side of the Atlantic were in Texas, Connecticut and Minnesota and two in Colorado, and between them had revenues of $100 million.
The acquisitions will bring the US store network to 22 multi-brand and 14 mono-brand boutiques in 12 states.
Further investment in the US and the 海角视频 will see the refurbishment of a further five stores in the 海角视频.