×
81 419
Fashion Jobs
NIKE
Art Director, Global Brand Creative Studio – Men’s Lifestyle
Permanent · Beaverton
NIKE
Senior Business Consultant, Onboarding
Permanent · Beaverton
NIKE
sr. Technical Program Manager- Enterprise Data & Analytics
Permanent · Beaverton
NIKE
Product Solution Manager, Digital Workflow
Permanent · Beaverton
NIKE
Senior Product Manager, Order Management
Permanent · Beaverton
FOOT LOCKER
Replenishment Analyst
Permanent · Bradenton
FOOT LOCKER
Senior Manager, Ecommerce, Kids Foot Locker
Permanent · New York
JCPENNEY
Buyer - Men's Furnishings
Permanent · Plano
ESTÉE LAUDER
Senior Manager, Product Project Manager
Permanent · New York
ESTÉE LAUDER
Manager, Global Product Marketing, Lip, Mac
Permanent · New York
ESTÉE LAUDER
Keyholder - Cosmetic Company Store - 20 Hrs - Lighthouse Place Premium Outlets - Michigan City, in
Permanent · Michigan City
ESTÉE LAUDER
Retail Beauty Sales Manager - jo Malone London - Full-Time - Santa Monica Place - Santa Monica, ca
Permanent · Santa Monica
ABERCROMBIE AND FITCH CO.
1st Shift Security Associate
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
2nd Shift Security Associate
Permanent · Columbus
ABERCROMBIE AND FITCH CO.
3rd Shift Security Associate (Full-Time)
Permanent · Columbus
NEW BALANCE
Distribution Supervisor - Afternoons
Permanent · Saint-Louis
BATH & BODY WORKS
Merchandise Planner, Canada
Permanent · Reynoldsburg
ADIDAS
Manager, Digital Site Merchandising
Permanent · Portland
ADIDAS
Retail District Manager, Florida North
Permanent · Orlando
ADIDAS
Design Director - Fear of God (Footwear-Focus)
Permanent · Los Angeles
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Glendale
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Simpsonville
Published
Jul 17, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Watches of Switzerland powers ahead in latest year

Published
Jul 17, 2019

The first set of results released by Watches of Switzerland since the company floated on the London Stock Exchange (LSE) back in May have shown just what attracted investors to the business. Its pre-tax profit surged and its revenues rose in high double-digits in the year to the end of April.



Watches of Switzerland


The company, which owns Mappin & Webb, Goldsmiths and US-based Mayors, as well as the chain after which it's named, said that revenue rose 22.5% to £773.5 million and its pre-tax profit was up an impressive 181% to £20.1 million.

Adjusted EBITDA for the group was also up a healthy 17.6% to £68.8 million.

The company saw strength in both jewellery and watches, although the latter was the standout performer in the latest year. The luxury watch division saw its revenues rising by 28.3% to reach £631.4 million. This division made up 82% of total group sales so its strength is good news for the company.

But luxury jewellery is also important, even though it's a smaller unit, and its like-for-like sales rose 3% during the year with a 10% increase on a like-for-like basis in the UK and a 7% uplift in the US.

The company also saw stronger online sales with an 18% e-commerce rise.

The firm is expanding steadily and said its expansion into the underdeveloped luxury watch market in the US is on track.

It also said current trading in the first 11 weeks of FY20 is encouraging and there’s “a strong pipeline of projects in both the UK and US, including expansions and refurbishments of existing showrooms and the continued roll out of new showrooms.”

The company first floated in London with a valuation of £647 million although share price rises since May have puts its current valuation at £706 million.

CEO Brian Duffy said of the IPO and results: “I am delighted that the group’s five-year transformation has culminated in a successful IPO on the London Stock Exchange. The 2019 financial year has been a fantastic year. We have continued our trajectory of strong, profitable growth in our core markets of the UK and the US. Current trading remains encouraging and we are confident of meeting the Board’s expectations for the financial year ending April 2020.

“We are the UK’s leading luxury watch retailer, hold a growing position in the US market, and operate in a highly attractive market in which demand for luxury watches generally outstrips supply. We are well positioned to deliver on our strategy and look forward to achieving continued growth in the year ahead.”

Copyright © 2022 FashionNetwork.com All rights reserved.