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Watches of Switzerland Reports Strong Holiday Results in Q3
The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
Watches of Switzerland store on London's Regent Street store. The retailer reported strong holiday sales in its third quarter.
London—Watches of Switzerland Group posted strong results in its third quarter following a merry holiday season, updating its guidance for the year ahead.
In a trading update shared Wednesday, the company gave an overview of its performance for the quarter ending on Jan. 25, though it did not share specific figures.
Demand for its key luxury brands remained strong, it said, outpacing supply in the United States and the U.K.
"It is particularly pleasing to be achieving these results despite an unusually volatile operating environment, including macroeconomic uncertainty and tariffs, and is testament to the collective contribution of our colleagues which will be reflected through our staff incentive arrangements,” said Brian Duffy, CEO of Watches of Switzerland Group.
The U.S. posted broad-based growth across categories, brands, and price points, which the company said reflected strong client demand and the effectiveness of its operating model.
It credited “excellent sales” in North America in part to Roberto Coin’s marketing campaign, starring actress Dakota Johnson, as well as its focus on ranging and merchandising.
E-commerce sales in the U.S. saw “good growth” after the company invested in new systems and dedicated teams.
To further strengthen its position in the U.S. market, the retailer announced Jan. 22 that it had acquired Texas jeweler Deutsch & Deutsch, which operates four showrooms with a Rolex anchor across the state.
Its four stores in Texas generated combined revenue of $67 million in the fiscal year ended Dec. 31, said Watches of Switzerland.
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In a trading update shared Wednesday, the company gave an overview of its performance for the quarter ending on Jan. 25, though it did not share specific figures.
Demand for its key luxury brands remained strong, it said, outpacing supply in the United States and the U.K.
"It is particularly pleasing to be achieving these results despite an unusually volatile operating environment, including macroeconomic uncertainty and tariffs, and is testament to the collective contribution of our colleagues which will be reflected through our staff incentive arrangements,” said Brian Duffy, CEO of Watches of Switzerland Group.
The U.S. posted broad-based growth across categories, brands, and price points, which the company said reflected strong client demand and the effectiveness of its operating model.
It credited “excellent sales” in North America in part to Roberto Coin’s marketing campaign, starring actress Dakota Johnson, as well as its focus on ranging and merchandising.
E-commerce sales in the U.S. saw “good growth” after the company invested in new systems and dedicated teams.
To further strengthen its position in the U.S. market, the retailer announced Jan. 22 that it had acquired Texas jeweler Deutsch & Deutsch, which operates four showrooms with a Rolex anchor across the state.
Its four stores in Texas generated combined revenue of $67 million in the fiscal year ended Dec. 31, said Watches of Switzerland.
In the U.K., its performance was in line with recent quarters, it said.
Revenue in the region was up 2 percent year-over-year in its H1 results reported in November. The company has been closing stores in the market.
Its Rolex boutique on Old Bond Street has kept up its “excellent momentum,” said the company.
Its certified pre-owned watch business has performed well in the U.S. and U.K. markets.
Investments in marketing, client experience, showroom development, and recently acquired Hodinkee were all factors in its solid performance, said the company.
Following its new acquisition and Q3 performance, the company has updated its full-year guidance.
It now expects sales growth, in constant currency, to be up 9 to 11 percent, from its prior guidance of 6 to 10 percent.
"Looking ahead, we remain focused on further cementing our market position across both the U.S. and U.K., underpinned by our differentiated model, long-standing brand partnerships, and disciplined execution,” said Duffy.
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