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Luxury watch retailer Watches of Switzerland upgraded its annual outlook after notching a better-than-expected performance in the first half.
Revenue for the six months through October had jumped 45% year-on-year on a constant currency basis to £586.2 million, the company said in a trading update.
Adjusted earnings before interest, tax, depreciation and amortisation was expected to be £81.0 million-to-£83.0 million, from £52.2 million year-on-year.
Watches of Switzerland upgraded its full-year revenue guidance to £1.15 billion-to-£1.20 billion, up from previous guidance £1.05 billion-to-£1.10 billion.
It also upgraded its EBITDA and adjusted EBITDA margin to rise by 1.0%-to-1.5%, up from previous guidance flat-to-0.5%.
'We have enjoyed re-connecting with customers in our stores whilst further elevating the experience by retaining several initiatives and enhancements introduced during the COVID-19 pandemic,' chief executive Brian Duffy said.
'The strength of our performance, both in our well-established UK business and in our growing US business, coupled with our confidence in the luxury watch and jewellery categories has led us to upgrade our guidance for the full year.'
'We are well stocked for the holiday period and look forward to providing an exceptional shopping experience for our customers.'