British watch retailer Watches of Switzerland has released its economic results for the year from May 2021 to May 1, 2022: positive and optimistic.
For the full fiscal year ending May 1, 2022, the British company achieved revenues of 1.24 billion pounds, or 1.46 billion euros, an increase of 37% over the previous period. This increase in revenue was 48% in the U.S. at 428 million pounds and 36% at 810 million pounds in the UK.
Specifically, Q4 (February to April) posted total revenue of 304 million pounds (360 million euros), up 40% compared to the same period last year. This increase was even up to 50% in the United States at 136 million pounds.
“We are pleased to report a solid 48% quarter of growth to end what has been an exceptional year for the group. We have delivered another record year of revenue and profitability as we continue to advance our long-term plan,” Watches of Switzerland CEO Brian Duffy told investors.
Timepieces led consumer demand. Sales of timepieces totaled 788 million pounds of revenue in fiscal 2021/2022 (up 36%), while jewelry generated 109 million pounds of revenue.
Duffy then spoke about his forecasts for 2023 and seems confident: he stressed that he entered the fiscal year 2023 showing “strong momentum” and expects that “the disruption of the pandemic is now largely behind us with a continued recovery in airport attendance and traffic” .
He also announced the group’s entry into the European market, “which will provide our group with new opportunities for growth and geographic diversification” . The focus will be on the opening of several Watches of Switzerland stores in the United States and Great Britain, and six monobrand stores in Sweden, Ireland, and Denmark.
Finally, the group shared its forecast for the firm’s next turnover, which is expected to be between £1.45 billion and £1.50 billion in fiscal 2023.
Featured Photo : © Watches of Switzerland