Watches of Switzerland backed its full-year guidance on Wednesday as it reported a rise in first-half profit and revenue amid solid demand.
In the 26 weeks to 30 October, statutory pre-tax profit jumped 28% to £83m, while revenues increased 31% to £765m, or 23% at constant currency.
The company hailed continued strong demand for luxury watches and jewellery, with growth driven by increases in average selling price and volume.
The retailer pointed to ongoing strong momentum in the US, with revenue there up 86%, or 60% at constant currency, at £311m. In the UK and Europe, meanwhile, revenues were 8% higher versus the same period a year earlier at £454m, driven by domestic clientele.
Luxury watches continued to benefit from a strong demand environment, with revenue up 31%, driven by increases in average selling price and volume. Luxury jewellery also saw revenue growth, of 38%.
Chief executive Brian Duffy said: “Trading in the Holiday period so far has been in line with our expectations and our guidance for FY23 remains unchanged.
“We look ahead with confidence as we continue to deliver on our Long Range Plan objectives of maintaining our leadership position in the UK, becoming the clear leader in the US, and capitalising on the growth potential in Europe.”
