26 Jun 2022
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Watches of Switzerland’s Jewellery Sales More Than Doubled in Q4
Demand for Rolex, Patek Philippe, and Audemars Piguet watches continues to exceed its supply
By: Diamond World News Service
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May 20 2022 2:35PM
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Reference: 26342  

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Watches of Switzerland closed out its fiscal year on a high note, posting double-digit revenue growth for the fourth quarter and the full year. Here are five important takeaways from its recent earnings report. Watches of Switzerland had a good year. In the fourth quarter ending May 1, the company posted £304 million ($378 million) in total revenue, up 48 percent year-over-year. For the full year, revenue totaled £1.24 billion ($1.54 billion), a 40 percent year-over-year increase. Sales in the luxury watches category were up 33 percent year-over-year in the quarter and up 32 percent for the full year. Full-year online sales grew only 5 percent year-over-year, but that is compared with last year when the retailer’s stores were closed for 26 weeks due to COVID-19 lockdowns.

Compared with fiscal 2020, online sales more than doubled, up 128 percent. In the United States, Watches of Switzerland’s fourth-quarter revenue totaled £136 million ($169 million), up 50 percent year-over-year. For the full year, U.S. revenue rose 48 percent to £428 million ($532 million). The retailer predicts another good year ahead. Watches of Switzerland we has a more bullish outlook as it is entering fiscal 2023 with “strong momentum” and expects to see a recovery in footfall and airport traffic. “We enter FY23 with visibility of product supply for super high-demand brands for the remainder of the 2022 calendar year and an exciting program of new products and marketing from other brands,” said CEO Brian Duffy. Looking ahead, Watches of Switzerland expects to see full-year revenue of £1.45 billion to £1.50 billion ($1.8 billion to $1.9 billion). News courtesy Nationaljeweller.com.

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