Rolex: Sales at luxury watch maker rise time after time
Sales at the UK arm of Rolex rose by almost £80m during 2023, for the 17th consecutive year.
The London-headquartered division has reported a turnover of £685.2m for the 12 months, up from the £608.1m it achieved in 2022.
Newly-filed accounts with Companies House also show that its pre-tax profit increased from £59.4m to £65.8m over the same period.
A statement signed off by the board said: “The sales increase was due to a combination of factors including improvements in mix, price, volume and an increase in the level [of] marketing activity, whilst the profit increase was largely due to the increase in revenue partially offset by the effect of foreign exchange rate deterioration.”
How does Rolex compare to its rivals?
The latest UK results for Rolex come after the Europe, Middle East and Africa division of Richard Mille issued a huge dividend and hinted that 2024 will be another year of sales success..
The business paid out a dividend of CHF 232.1m (£213.5m) in the year 2023, up from CHF 50.7m (£46.6m)
Its turnover also rose from CHF 378.7m to CHF 365.3m while its pre-tax profits also increased from CHF 131.4m to CHF 147.1m.
Elsewhere, Christopher Ward saw its profit spike as its sales almost doubled during its latest financial year.
The business reported a turnover of £30.5m for the year to March 31, 2024, up from £16.8m.
The firm’s pre-tax profits also surged from £222,000 to £3.9m.
These results come after Rolex seller Watches of Switzerland has said the worst is over for the luxury market in the UK as it reported steadying demand for high-end watches from its stores.
The retailer said at the start of September it was trading in line with expectations and “on track” to meet 2025 guidance.
The FTSE-250 company’s shares have fallen this year after a sharp profit decline due to a slowdown in the broader luxury market.
Investors have also been spooked by a decline in the price of pricey watches from the market’s pandemic-era boom.