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Prices & Quotes - UK Markets - Watches of Switzerland Group (WOSG)

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Share Price:
Up 1,422.00p
Change Today:
70.00p
Market Cap:
3,405.06m
Sector:
Personal Goods

Watches of Switzerland Q1 revenue doubles

By Sean Farrell

Date: Tuesday 10 Aug 2021

LONDON (ShareCast) - (Sharecast News) - Watches of Switzerland's revenue doubled in the first quarter as customers snapped up Rolex and other luxury timepieces online.
Revenue rose to 297.5m in the three months to 1 August at constant currency from 151.6m a year earlier and by 46% compared with two years earlier, the company said in a trading update. Statutory revenue rose 96.2% from a year earlier.

Watch sales rose 97.1% to 259.3m and jewellery sales jumped 99% to 20.1m. The group said online sales fuelled strong UK sales, offsetting subdued store traffic. US growth was driven by higher volumes.

Watches of Switzerland has reported strong demand for its products, driven partly by people spending money stored up during lockdowns and working from home on high-end wristwear. It said the first quarter supported its confidence in the full-year outlook.

Brian Duffy, chief executive, said: "We have had a very good start to the new financial year with a further acceleration in momentum, versus pre Covid-19 pandemic growth levels, underpinned by diversified growth across our markets and categories.

"Trading in the UK has been extremely strong, driven by sustained high demand from domestic clientele. Our newly opened and refurbished stores have performed well, whilst our ecommerce business has also continued to grow impressively, proving the effectiveness of our multi-channel model."

Watches of Switzerland shares rose 2.7% to 10.52 at 09:26 BST, touching a record 10.66 in earlier trading. The shares have almost quadrupled in the past year.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

WOSG Market Data

Currency UK Pounds
Price 1,422.00p
Change Today 70.00p
52 Week High 1,428.00p
52 Week Low 493.00p
Volume 387,005
Shares Issued 239.46m
Market Cap 3,405.06m
Beta 0.61

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WOSG Dividends

No dividends found

Trades for 01-Dec-2021

Time Volume / Share Price
15:22 84 @ 1,422.00p
15:22 6 @ 1,422.00p
15:22 60 @ 1,422.00p
15:21 190 @ 1,423.20p
15:21 140 @ 1,424.00p

WOSG Key Personnel