FinancialsMay 15, 2023
Richemont Chair Shoots Down Reports of Acquisition by LVMH FinancialsMay 18, 2023
Watches of Switzerland’s Full-Year U.S. Sales Climb 52%
CEO Brian Duffy also detailed a new joint venture partnership with Audemars Piguet.
Pictured is Watches of Switzerland’s store in the Mall of America. The company posted double digit growth in its fourth quarter and for the full year.
London—Watches of Switzerland ended its fiscal year on a high note, posting double digit growth in its fourth quarter.
The company also posted record revenue for the full fiscal year, in spite of a "more challenging trading environment in the second half," said CEO Brian Duffy.
He touted a “record year of revenue and profitability” and expressed confidence in the year ahead.
Here are four important takeaways from the company’s recent earnings report.
Watches of Switzerland posted strong revenue growth in Q4 and FY23.
For the fourth quarter ended April 30, the company posted £371 million ($463.5 million) in total revenue, up 22 percent year-over-year.
In the U.S., revenue climbed 27 percent in Q4, totaling £173 million ($216.1 million).
In the U.S., revenue climbed 27 percent in Q4, totaling £173 million ($216.1 million).
For the fiscal year, revenue totaled £1.54 billion ($1.92 billion), up 25 percent year-over-year.
Revenue in the U.S. climbed 52 percent to £653 million ($815.8 million).
Luxury watch revenue for the year was up 28 percent, driven by increases in average selling price and volume, while luxury jewelry revenue was up 10 percent.
The company’s e-commerce revenue was up 3 percent.
Notably, revenue from its pre-owned segment was up double digits, said the company, with pricing and margins maintained.
The company has several new projects in the pipeline.
Watches of Switzerland has a long list of new projects for the fiscal year ahead.
Its multi-brand showroom opens this month in the American Dream mall in New Jersey, with its multi-brand showroom at One Vanderbilt in New York opening in January 2024.
Its multi-brand showroom opens this month in the American Dream mall in New Jersey, with its multi-brand showroom at One Vanderbilt in New York opening in January 2024.
Its refurbished and expanded Mayors location in Dadeland, Florida also opened this month.
Internationally, the first Watches of Switzerland multi-brand showroom in Europe will open in the Mall of the Netherlands, The Hague at the end of the calendar year.
Its Rolex flagship on London’s Old Bond Street will open in the first half of 2024.
Its Rolex flagship on London’s Old Bond Street will open in the first half of 2024.
A new Tudor flagship boutique will also open on Old Bond Street in Q4 of fiscal 2024.
It’s been expanding its mono-brand portfolio elsewhere in Europe as well, with new TAG Heuer stores opening in Berlin and Stockholm.
It’s been expanding its mono-brand portfolio elsewhere in Europe as well, with new TAG Heuer stores opening in Berlin and Stockholm.
As of April 30, the company has 193 showrooms across the U.K., U.S. and Europe, including 80 mono-brand boutiques with Rolex, Omega, TAG Heuer, Breitling, Tudor, Audemars Piguet, Grand Seiko, Bulgari, and Fope, as well as its e-commerce presence.
Watches of Switzerland has entered into a partnership with Audemars Piguet.
The highlight on its list of new projects is a joint venture partnership with luxury watch heavyweight Audemars Piguet.
The company has signed a letter of intent with the brand confirming its intention to open a store in the U.K. in St. Anne’s, Manchester, England.
Duffy said, “This is an important expansion in our partnership with Audemars Piguet which has spanned more than 50 years and we look forward to what will be a great showroom for the city of Manchester.”
The location is slated to open in the spring of 2024.
Watches of Switzerland is predicting revenue growth in its future.
“We enter FY24 significantly ahead of where we expected to be in our long range plan following two years of exceptional performance and notwithstanding the macroeconomic backdrop,” said Duffy.
For fiscal 2024, the company is forecasting revenue growth of 8 to 11 percent at constant currency, between £1.65 billion and £1.70 billion ($2.06 billion to $2.12 billion), with EBIT margin in line with the prior year.
“We remain confident in our goals to maintain our leadership position in the U.K., become the clear leader in the U.S., and capitalize on our growth potential in Europe,” Duffy said.
The company is expecting the “more challenging” trading environment of the second half of fiscal 2023 to continue into the first half of fiscal 2024 but foresees improvement in the second half.
It expects a “modest” sales decline in Q1 of FY24 that will normalize by the second quarter.
More on Financials
The Latest
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
