Watches of Switzerland says online sales have surged during the lockdown

Watches of Switzerland, the UK’s biggest Rolex seller, on Thursday posted higher sales, helped by customers flocking to buy online when shops closed during the Covid-19 lockdown.

The retailer, which also sells Cartier and Breitling watches, saw revenue increase 5.9% to £819.3 million, ahead of a recently revised guidance range, in the year to April 26.

Momentum in the UK and US was hit in the final six weeks of the period as shops closed, but during that time online sales soared 45.8%.

The company said that in esponse to the closure of the bricks and mortar network, the online business was enhanced by the addition of several brands which the group had previously only sold in its stores. These additional brands will continue to be part of the online offering going forward.

Chief executive Brian Duffy said: “Despite the current challenges, demand for luxury watches has remained strong.”

He added that prior to the Covid-19 pandemic, the firm had been on track to deliver double-digit sales growth, “reflecting our strong brand partnerships, favourable market conditions and accelerating momentum in the US”.

The company has strengthened its liquidity position with £45 million it has accessed from the government’s Coronavirus Large Business Interruption Loan Scheme.