Watches of Switzerland hails higher sales in uncertain times

Watches of Switzerland, the UK’s biggest Rolex seller, on Tuesday cheered higher sales but cautioned of potential harder times ahead.

The newly-floated retailer said comparable sales rose 10.8% in the first quarter, helping total revenues increase 17.8% to £209.4 million.

Chief Brian Duffy said there was robust UK and US growth, but added that wider macro-economic uncertainty in those markets could impact future customer demand. Duffy pointed to Brexit and warnings of a potential recession in the US.

However, full-year targets are expected to be met.

Duffy said: "Our first quarter as a listed business saw continued strong underlying growth in both the UK and US supported by the expansion of our showroom portfolio. Our focus on store upgrades and store customer service, supported by increasing digital and social marketing and closer collaboration with brand partners, is working.”

Shares in the firm rose 10.5p to 294.5p. It floated in May at 270p per share.