Business
Q2 FY21 Trading Update
Q2 FY21 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1580B\n Watches of Switzerland Group PLC\n 06 October 2020\n \n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n Q2 FY21 Trading Update\n \n \n \n \n \n Q2 performance to date stronger than expected\n \n \n Full year guidance on sales and profitability revised upwards\n \n \n \n \n \n Watches of Switzerland Group PLC (\"the Group\") today provides the following update relating to the 13 weeks ending 25 October 2020 (Q2 FY21).\n \n \n \n \n \n Q2 FY21 Trading Update Highlights\n \n \n · \n Revenue for the first 10 weeks of Q2 has been stronger than expected at £202.7 million, +20.2% in constant currency and +18.3% in reported terms, relative to the prior year\n \n \n o \n UK performance continues to be driven by strong domestic sales offsetting lower tourist and airport business; tourist and airport sales accounted for 9.2% of Group sales in Q2 to date (Q2 FY20: 32.5% of Group sales). Regional stores continued to outperform London stores where footfall remains weak\n \n \n § \n Q2 sales to date of £145.1 million, +12.6% versus the prior year; within the UK, ecommerce sales +49.9%\n \n \n o \n US momentum has further accelerated with an exceptionally strong and broad-based performance in the quarter to date\n \n \n § \n Q2 sales to date of £57.7 million, +43.4% in constant currency versus the prior year, +35.2% on a reported basis\n \n \n · \n Luxury watches have continued to outperform while luxury jewellery has performed well with growth in both the UK and the US markets\n \n \n · \n New product launches have also been stronger than anticipated with a positive influence on sales\n \n \n · \n Continued encouraging customer response and resultant sales conversion through CRM and clientelling activities and appointment management\n \n \n · \n New Rolex Room opened within the Watches of Switzerland Knightsbridge showroom on 18 September 2020 as part of the store's planned expansion \n \n \n · \n Opening of a Tudor Boutique in White City London, the first in Europe, on 25 September 2020\n \n \n · \n Acquisition of Analog Shift, US retailer of vintage and pre-owned watches to further advance the Group's strong and growing position in the US, on 1 September 2020 \n \n \n · \n Continued positive performance from the recently acquired ...