9-10-2020
The Watches of Switzerland’s revenues soared 25.2 percent during the first 10 weeks of the second fiscal quarter driven by robust sales performance in the UK and United States despite unprecedented challenging times.
Britain and the United States’ sales have jumped 12.6 percent and 35.2 percent yoy respectively. In the UK, domestic sales are offsetting lower tourist and airport traffic, whilst regional stores are continuing to outperform London stores. New product launches have been stronger than anticipated with a positive influence on sales in the United States.
Without surprise, revenues from tourists have slumped due to travel restrictions amid the pandemic. CEO Brian Duffy noted that the group did not assume any improvement in recent trends regarding the tourist sectors. Earnings from e- commerce, like many other big brands, have significant growth and boosted 50 percent in the UK.
Analysts at Shore Capital commented on the outperformance: "We think that the company strategy of selective refits to stores, together with its proprietary CRM system to target consumers will aid further growth."
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