Watches Of Switzerland Group Announces 20-Percent Growth In Q2

Watches Of Switzerland Group Announces 20-Percent Growth In Q2

Paige Mastrandea
By Paige Mastrandea October 12, 2020

Watches Of Switzerland_11 Exterior widePhoto Credit: Watches of Switzerland

While nearly every industry across the globe has taken a major hit over the past six months—particularly the ultra-luxury sector—due to shutdowns from the pandemic, Watches of Switzerland Group is proud to report 20-percent growth in Q2, as revealed from the recent trade reports. By remaining steadfast in client outreach support and service, as well as strong online and local sales, the watch retailer has powered through, coming out stronger than ever expected.

Over the first 10 weeks of Q2, WOS reported £202.7 million in sales +20.2-percent in constant currency and +18.3-percent in reported terms, relative to the prior year. Although airport and tourist sales were down for this quarter, regional sales in the UK and online sales continued to thrive, making up for these losses, as well as the strong momentum in the U.S.

Other contributing factors to this growth in sales include the continued demand for luxury watches, which has outperformed jewelry sales in U.S. and UK markets; strong new product launches; strong customer response resulting from unparalleled customer attention and service; the new Rolex Showroom in WOS Knightsbridge; the new Tudor Boutique in White City London; the recent acquisition of vintage and pre-owned watch retailer Analog Shift; and positive response from the recently-acquired Fraser Hart stores.

Watches of Switzerland WynnPhoto Credit: Watches of Switzerland

Chief Executive Officer Brian Duffy shares on behalf of the news, “We are very pleased with the strong Q2 performance we are delivering in what continue to be unprecedented market conditions. Our teams have done a fantastic job, responding positively and enthusiastically to these conditions, turning challenges into opportunities, while prioritizing the health and safety of colleagues and clients.”

He continued, “Our guidance for the balance of the fiscal year assumes that the positive trend experienced in Q2 will be moderated by the impact of pandemic related retail disruption in the UK and the US and uncertainty in the US economy, impacting mainly in Q3. We do not assume any improvement in recent trends regarding the travel or tourist sectors. Looking ahead, we will continue to focus on our strategy by investing in high-quality growth through selective capital projects and targeted marketing activity.”