Watches of Switzerland sales dip

Interior of Watches of Switzerland Regent Street store

Watches of Switzerland has reported a fall in total sales but said performance remains “in line with our guidance and expectations” in the first quarter ending July 2023.

In a trading update for the 13 weeks to July 2023, Watches of Switzerland posted total sales of £382m, representing a fall of 1% in constant currency terms and 2% in reported terms, compared with the £391m the business made during the same period last year.

The luxury watch retailer reported sales of £163m in the US, a 10% growth in constant currency terms “driven by higher volumes, reflecting the success of our model and the strength of client demand”.

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