Watches of Switzerland has reported a 12.8% increase in sales as it opened a new Goldsmiths showroom in Edinburgh and relocated its Omega outlet in Glasgow.
The firm led by Scottish CEO Brian Duffy posted third quarter revenue of £257.9 million. Duffy said demand for luxury watches worldwide was outstripping supply.
It said like-for-like sales were up 6.8% with UK online sales up 20.8%.
Duffy said: "Looking ahead to the final quarter of the current financial year, improved visibility of luxury watch supply leaves us confident that we are on track to meet guidance for the full year. Whilst there has been a delay in the final completion of the Fraser Hart transaction, we expect it to close imminently.
"We continue to monitor the effects of the ongoing coronavirus outbreak on the wider market and global trade. However, as demand for luxury watch brands in the UK and US continues to exceed supply, the strong fundamentals of our supply-driven business leave us well positioned to continue to deliver on our plans to leverage our leading position in the UK and to become a leader in the US in luxury watch retail."
