Watches of Switzerland Group saw its group revenue rise by 31% to £391 million in its first quarter after it benefited from a resilient UK customer base and strong growth in the US.
In the 13 weeks to 31 July, UK sales grew by 8% to £239 million while sales in the US doubled to £152 million.
The luxury watch category accounted for 87% of revenue following a 32% increase in sales to £342 million. Luxury jewellery also performed well with a 36% uplift to £27 million.
The group said it reaped the reward of investment in store design, the strength of its brand partnerships and its international scale in the period. It also benefited from a range of marketing campaigns and its advanced systems technology,
The group has also announced that it will be relocating its 900 square foot Rolex Boutique on London’s Bond Street to a new 7,200 square foot location on Old Bond Street next year.
