Watches of Switzerland profits rise despite Covid-19 impact

Watches of Switzerland

Watches of Switzerland has posted an increase in full-year profits despite the impact of the coronavirus crisis.

The luxury watch specialist said adjusted EBITDA rose 14% to £78m during the 52 weeks to April 26. Operating profit climbed 6.2% to £48m over the same period. 

Watches of Switzerland’s group revenues across the full year increased 4.8% to £811m, despite an 85% slump in sales during the final six weeks of its financial year.

In the UK, sales slipped 0.5% to £576m, but had been up 9.4% across the 46 weeks to March 15. Revenues from its British business slumped 85% in the final six weeks of its fiscal year. 

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