Monday, May 27, 2024

Rolex retailer UK sales warns UK sales impacted due to lack of VAT free shopping

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Watches of Switzerland have announced their UK sales have taken a hit due to the lack of VAT free shopping.

The Rolex retailer who owns Goldsmiths said that they are “cautiously optimistic” of their sales this next year and announced a growth of 4% in the 13 weeks to the end of April of £380 million in group revenue.

In the US revenue is up by 14%, but in Europe and the UK sales was down 4% due to “challenging macroeconomic conditions.”

They added that in the UK sales “continues to be driven by domestic clientele” due to “minimal return of tourist spending due to the lack of VAT free shopping.”

CEO Brian Duffy said the firm “finished the year strongly” even though there has been a drop in revenue in Europe.

He said, “Particularly pleasing was the performance in the US, with sales up 14% in the period.

“We are confident that our strategy, exceptional client service and strong brand relationships enables us to continue to drive growth and gain market share.”

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