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Luxury retailer Watches of Switzerland Group has said that it expects to report results at the upper end of guidance following a strong finish to its financial year, according to a new trading update.
Group revenue reached £905.1m for the 53 weeks to 2 May 2021, up from £810.5m in 2020.
The Leicester-headquartered retailer has also reported revenue of £218.2m for the fourth quarter of its financial year, up from £123.9m in the same period of 2020.
Adjusted EBITDA is expected to be at the upper end of guidance.
Chief executive Brian Duffy said: “We finished the year strongly and enter the new financial year with real momentum, continuing to prove the value of our highly differentiated model.
“Our teams have adapted and pushed on, stepping up to the challenges and opportunities with inspirational enthusiasm and positivity. I am very proud of what they have achieved and thank them for their immense contribution.
“Throughout the year we either met or exceeded our guidance despite the changing circumstances, in particular, the much longer-than-expected last lockdown in the UK.
“In the UK, we delivered a very robust performance, overcoming a total of 26 weeks of store closures and hugely reduced travel and tourism business. In the US, we generated an outstanding result with very strong momentum.
“Looking ahead, we are confident in our plans to continue investing for growth and to sustain the momentum we have built into FY22 and beyond. We look forward to providing an update at our full-year results on our strategy to further enhance our leading position in the UK and become a leader in the US luxury watch market.”
The group plans to announce FY21 results on 8 July 2021.
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