Good times: Sales more than double for Rolex seller Watches of Switzerland

Watches of Switzerland Group, the UK’s biggest Rolex seller, has revealed first quarter sales have more than doubled from a year earlier and are also well above pre-pandemic levels.

The retailer, behind brands including Watches of Switzerland, Mappin & Webb and Goldsmiths, said it has seen a strong performance in both the UK and US, and online sales have climbed 15.9%.

Total revenue in the quarter to August 1 was £297.5 million. That was up 101.9% and 45.8% respectively at constant currency levels from the same periods in 2020, when shops were closed for a chunk of the time for lockdowns, and 2019.

Chief executive Brian Duffy said demand continues to “outstrip supply for an increasing number of key brands” including Rolex and Patek Phillipe.

Footfall has been weaker in stores, but many customers are spending more, and Duffy added that the FTSE 250 company has benefited from some shoppers building up savings during the pandemic and not being able to travel. Domestic customers have been prominent during the quarter.

Watches of Switzerland Group said it has confidence in the outlook for the remainder of the full year.

The shares rose 20.8p to 1044.8p.