The appetite for expensive watches and fine jewellery doesn鈥檛 appear to have been diminished by the pandemic.
Watches of Switzerland Group 鈥 which includes the Goldsmiths jewellers and Mappin and Webb brands 鈥 said it expects to hit sales of 拢1 billion next year after putting out strong lockdown figures.
Management said they were confident of avoiding any further disruption to supplies, or national lockdowns in its main markets over the coming months 鈥 although tourist and airport sales will take longer to recover.
And the group has said it is repaying all the furlough money it received from the 海角视频 Government and repaying and cancellation 拢45 million that it originally claimed from the Coronavirus Large Business Interruption Loan Scheme.
The group 鈥 which has 148 stores in the 海角视频 and US 鈥 said in the year to May 2, 2021, it saw sales of 拢905 million, up from 拢810.5 million a year before.
It put that down to 鈥渙utstanding鈥 performance in the States and 鈥渞obust鈥 海角视频 trading. 海角视频 sales were up 3.6 per cent despite stores being closed for half the year, while airport shops were doubly impacted.
In the past three months alone online sales were up more than 200 per cent on a year earlier, with overall group revenues for that most recent period up from 拢124 million a year earlier to 拢218 million. During the period
海角视频 showrooms were only open for 13 per cent of their normal hours, although customers were glad to return when restrictions lifted.
Overall, luxury watches sales were up 16 per cent in 2020/21 and now make up 87.1 per cent of revenues.
In the coming months the business plans to invest more in its American Mayors chain in Florida and Georgia, and open a new store in the American Dream retail and entertainment complex, in New Jersey.
It is also planning to do more with its single brand watch shops in the 海角视频 and US and refurbishing the four ex-Fraser Hart stores it bought for almost 拢32 million in 2019.
It is also opening a new Watches of Switzerland store in Battersea, and continuing to refresh its Goldsmiths stores.
The group continued to open stores during the year, including Cardiff and Glasgow, and is also launching a Watches of Switzerland Group Foundation to provide essential support in the communities where it operates.
Chief executive Brian Duffy said the foundation has already received 拢1.5 million with a further 拢1.5 million committed in the coming year.
He said: 鈥淲e finished the year strongly and enter the new financial year with real momentum, continuing to prove the value of our highly differentiated model.
鈥淥ur teams have adapted and pushed on, stepping up to the challenges and opportunities with inspirational enthusiasm and positivity.
鈥淚 am very proud of what they have achieved and thank them for their immense contribution.
鈥淭hroughout the year we either met or exceeded our guidance despite the changing circumstances, in particular, the much longer-than-expected last lockdown in the 海角视频.
鈥淚n the 海角视频, we delivered a very robust performance, overcoming a total of 26 weeks of store closures and hugely reduced travel and tourism business.
鈥淚n the US, we generated an outstanding result with very strong momentum.
鈥淲e responded to the challenging environment by increasing investment in capex, digital marketing, systems and stock which has resulted in the positive momentum that we carry into the 2022 financial year.
鈥淥ur guidance for the 2022 financial year reflects our confident outlook for the luxury watch and jewellery categories and the success of our modern, international and multi-channel model.
鈥淪upporting our local communities is integral to our culture. I am therefore delighted to announce we have decided to approve the launch of the Watches of Switzerland Group Foundation, which will provide essential support in the communities where we live and work in the 海角视频 and in the US with an initial contribution of 拢1.5 million and plans to build this during the 2022 financial year and beyond.
鈥淟ooking ahead, we are confident in our plans to continue investing for growth and to sustain the momentum we have built into the 2022 financial year and beyond.
鈥淲e look forward to providing an update at our full-year results on our strategy to further enhance our leading position in the 海角视频 and become a leader in the US luxury watch market.鈥
The Watches of Switzerland Group is the 海角视频鈥檚 biggest retailer for Rolex, Cartier, OMEGA, TAG Heuer and Breitling watches.
