UK-based luxury watch retailer Watches of Switzerland has reported total revenue of £1.54bn in fiscal year (FY) 2023, up 25% on a reported basis and 19% at a constant currency basis compared to FY22.

In the 52 weeks to 30 April 2023, the retailer saw its revenue rise 52% to £653m in the US and 10% to £890m in the UK and Europe.

Driven by increases in average selling price and volume, revenue for the company’s luxury watch segment increased by 28% while luxury jewellery revenues grew by 10%.

Watches of Switzerland also registered 3% revenue growth in its e-commerce business for the FY.

Watches of Switzerland chief executive officer Brian Duffy said: “FY23 was another record year of revenue and profitability, with revenue growth of 25% at reported rates (+19% at constant currency) and continued EBIT margin expansion.

“Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow.”

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By GlobalData

In the fourth quarter (Q4) of FY23, the retailer generated £371m in revenue, increasing 22% and 18% on reported and constant currency basis, respectively.

Revenues grew 27% to £173m in the US and 18% to £198m in the UK and Europe in Q4 FY23.

Over the quarter, the retailer opened its sixth mono-brand boutique, with TAG Heuer in Dublin, Ireland.

Watches of Switzerland expects revenue between £1.65bn – £1.70bn in FY24, increasing 8% – 11% at constant currency compared to the prior fiscal.

Brian Duffy added: “We enter FY24 significantly ahead of where we expected to be in our Long Range Plan following two years of exceptional performance and notwithstanding the macroeconomic backdrop.

“We remain confident in our goals to maintain our leadership position in the UK, become the clear leader in the US and capitalise on our growth potential in Europe.”

The Watches of Switzerland operated a network of 193 showrooms across the UK, the US and Europe as of 30 April 2023.