Business
Q1 FY22 Trading
Q1 FY22 Trading.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0676I\n Watches of Switzerland Group PLC\n 10 August 2021\n \n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n Q1 FY22 Trading\n \n \n for the 13 weeks (Q1 FY22) to 1 August 2021\n \n \n \n \n \n Accelerated momentum into FY22 with demand continuing to outpace supply\n \n \n Strong growth achieved in the UK and the US, underpinning confidence for FY22\n \n \n \n \n \n Watches of Switzerland Group PLC (\"the Group\") today provides the following update relating to the 13 weeks ending 1 August 2021.\n \n \n \n \n \n · \n \n Group revenue £297.5 million (Q1 FY21: £151.6 million), +101.9% in constant currency, +96.2% in reported terms relative to Q1 FY21 and +45.8% in constant currency relative to Q1 FY20\n \n \n \n o \n Continued high conversion and strong domestic sales despite subdued store traffic\n \n \n o \n In the prior year period (Q1 FY21), COVID-19 lockdowns resulted in store closures of six weeks in the UK and four weeks in the US\n \n \n o \n Luxury watches +97.1% to £259.3 million, representing 87.1% of revenue (Q1 FY21: 86.8%)\n \n \n o \n Luxury jewellery also performing well +98.9% to £20.1 million\n \n \n o \n Group ecommerce sales +15.9% vs last year, maintaining strong momentum despite UK stores being open during the period\n \n \n o \n Digital marketing, CRM and clienteling continue to play an important role in driving customer engagement and business performance\n \n \n o \n Q1 FY22 benefitted from reduction of in-store stock on key brands\n \n \n o \n Net cash[1] of £23.2 million as at 1 August 2021 (Net debt as at 26 July 2020: £(92.1) million)\n \n \n \n ·\n \n Further acceleration in the US with revenue of £75.8 million, +95.0% vs Q1 FY21 and +53.6% vs Q1 FY20 (both in constant currency)\n \n \n \n o \n Continuing the trend seen in Q4 FY21, growth has been driven by higher volumes\n \n \n o \n Recovery of traffic into Las Vegas and New York is driving accelerated momentum in our stores\n \n \n o \n Eight mono-brand boutiques recently opened are performing strongly and gathering pace\n \n \n o \n Ecommerce sales continue to gain momentum following recent online launch \n \n \n \n \n \n ·\n \n Significant step change in UK sales growth with re...