Watches of Switzerland's Revenue Increased

Watches of Switzerland Group's revenue reached 1.83 billion pounds sterling. This result represents an 11% increase compared to the previous year.

The source of growth for the company remained the American market. Revenue in the United States increased by 24% and reached 927 million pounds. Today, more than half of the group's total revenue and profit comes from this market. Positive dynamics were also observed in Britain, where sales increased by 5%.

The highest demand remained for luxury watches. In this category, sales increased by 13%, while jewelry and other luxury product sales increased by 18%.

According to the financial report, the company reduced net debt to 57 million pounds, despite conducting strategic acquisitions during this period.

Management has not changed its forecast for the upcoming financial year and expects revenue growth of 5-10%. The company notes that the first months of the year started successfully. Demand in the American market remains high, while the first signs of market recovery have already appeared in Britain.

Source: Investing.com