Luxury watch retailer Watches of Switzerland has reported a 31 per cent increase in revenue for the opening half of the 2023 financial year.
Revenue climbed to £765.2 million ($AU1.39 billion) for the sales period ending 30 October, a nearly one-third rise compared with the same period in 2022.
Sales in the US were particularly strong rising 86 per cent on the year-by-year comparsion.
The positive report comes despite a previous statement warning of a ‘challenging year ahead.’
CEO Brian Duffy said: “I am pleased with our strong performance in the first half of the financial year which reflects our leadership position and the strength of our longstanding brand partnerships as we continue to take market share.”
“We continue to expand our retail network, opening a total of 20 showrooms [stores] across the UK, US and Europe in the first half of this financial year and to invest in elevating the luxury experience for our clients through showroom refurbishments.”
He added: “Trading in the holiday period so far has been in line with our expectations and our guidance for this financial year remains unchanged.”
Watches of Switzerland operates more than 170 stores across the US and UK and is a major retailer of brands such as Rolex, Omega, Cartier, TAG Heurer and Breitling.