The share price of Watches of Switzerland soared by over 30 percent in early trading after it shown post lock down growth for its business.
Since May, momentum appears to have been building for Watches of Switzerland.
After a decline of sales by 83% in May (YoY variance), sales then grew by 0.3% in June – continuing on a positive trajectory into July with 7.4%.
“While we began FY21 with our global store portfolio closed due to the pandemic, we were well prepared for the re-opening of our stores during Q1 and trading has exceeded our expectations in both the UK and the US. The UK has been driven by continued strong ecommerce sales and domestic demand in regional stores, partly offsetting greater declines in London (due to reduced tourism) and our airport stores. The US continued to gain momentum during the period with all re-opened stores performing strongly versus the prior year.”CEO, Watches of Switzerland Group
Interestingly as May to July unfolded, eCommerce sales went from 117.8% growth in May down to 46.2% in July – showing the impact as stores opened up and changed buying habits.
This trading update came as part of its full-year results for the period ending 26 April 2020 – showing record revenue and profits for the year of £819m and £78.1m (Adjusted EBITDA, top-end of expectations).