Shares in Watches of Switzerland (LON: WOSG) have soared 25% on Thursday after the group posted a sales growth in June and July.
Despite a fall in sales during the lockdown and 27.6% fall in revenue in the three months to 26 July, the luxury watch retailer said it was “delighted” with sales since the reopening of stores.
Whilst stores were closed over the lockdown revenue fell, online sales jumped 79.3% in the quarter.
In the year to April 26, revenue grew by 5.9% to £819.3m.
“I am delighted with our achievements during FY20, our first year as a public company. We delivered a strong performance during the first 46 weeks of the year before adapting with speed and agility to the challenges presented by the COVID-19 pandemic. Momentum accelerated in our US business adding to the positive performance in the UK and we remain confident in our strategy to drive profitable growth in both markets,” said Brian Duffy, the chief executive officer.
“Looking ahead, we will continue to invest in delivering on our strategic priorities to leverage our leading position in the UK and to become a leader in the US luxury watch market. We are confident that we are well-positioned to emerge even stronger from these uncertain and challenging times,” she added.
The company is off to a promising start after floating in London last May. Watches of Switzerland (LON: WOSG) shares are currently trading +21.86 at 319.26 (1117GMT).
