Watches of Switzerland Group PLC (LSE:WOSG) (LSE:WOSG) posted a huge jump in quarterly sales as its expansion in the US continues.
The luxury watches retailer saw revenue rocketing 102% to £297mln in the 13 weeks ending 1 August, its first quarter. Net cash was £23mln at period-end from a £92mln debt position in July 2020.
READ: Watches of Switzerland eyes further expansion in EU, US as trading remains strong
The FTSE 250 group is recovering well after it was forced to close shops during last year’s lockdowns.
E-commerce was still up 16% compared to last year, even though UK stores were open during the quarter.
The US expansion continues at pace, with eight new mono-brand boutiques recently opened and growth driven by higher volumes. US revenue surged 95% to £75mln in the three months just ended.
The UK also delivered a strong performance, with sales up 105% to £221mln, mostly thanks to high demand from domestic clientele.
Shares rose 3% to 1,055.6p on Tuesday morning.