Business
The Watches of Switzerland Group Q1 Results
The Watches of Switzerland Group Q1 Results.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \nRNS Number : 7928I Watches of Switzerland Group PLC 13 August 2019 \n\nWatches of Switzerland Group plc trading statement for Q1 FY20\n(three months to 28 July 2019)\n \nContinued Strong Momentum with standout luxury watch sales growth\n \nWe are pleased to report a strong sales performance for the Watches of Switzerland Group in our first quarter as a listed company. \n \n Highlights\n· Total revenue of £209.4m, +17.8% on prior year, driven by robust UK and US performance \n· Strong Lfl growth of 10.8%; with the UK (excluding Online) +11.5% , the US +8.7% and Online (UK) +14.5%\n· We commenced the Mayors investment programme implementing new showroom formats including a complete refurbishment of our Miami International mall showroom, with relocations of two other Mayors showrooms, Merrick Park Miami and Lenox Atlanta. The new Mayors design has been very positively received by the brand partners, our teams and most importantly our clients \n· The new Lenox Mayors showroom includes our first ever Audemars Piguet boutique and a Rolex boutique together with a new Mayors showroom\n· We opened a showroom in the new Wynn Boston resort and in the UK we relocated and refurbished our Brighton showroom\n\n\n\n\n£m\n\n\nThree months to 28 July 2019\n\n\nThree months to 29 July 2018\n\n\nGrowth\n\n\n\n\nGroup Revenue \n\n\n£209.4m\n\n\n£177.7m\n\n\n17.8% (16.5% Constant currency)\n\n\n\n\nUK Revenue\n\n\n£155.0m\n\n\n£138.6m\n\n\n11.8%\n\n\n\n\nUS Revenue\n\n\n£54.4m\n\n\n£39.1m\n\n\n39.0% (32.4% Constant currency)\n\n\n\n\nGroup LfL\n\n\n10.8%\n\n\n7.3%\n\n\n \n\n\n\n\nUK LfL (exc Online)\n\n\n11.5%\n\n\n6.0%\n\n\n \n\n\n\n\nUS LfL\n\n\n8.7%\n\n\n11.9%\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \nConsistent with recent trends, Luxury Watches has become a larger part of our overall business, with Luxury Jewellery, and particularly Fashion & Classic, reducing relatively.\nThe decline in Luxury Jewellery sales vs the same quarter last year was largely driven by the closure/disposal of 12 non-core stores. \n \n \n\n\n\n\n£m\n\n\nThree months to 28 July 201...