Shares of The Watches of Switzerland Group (WOSG) hit an all time high of 509p in trading today as its stores across England were given the green light to reopen.
The price has been climbing for the past eight months, and was up more than 2% this morning.
It is now almost three times higher than the lowest point in the first week of April when all stores in the UK were forced to close in the first lock down, with the key New York and Las Vegas markets following close behind. Florida has kept its stores open more than most, benefiting WOSG’s Mayors stores.
Investors are reward WOSG its resilience and future growth potential. It continues to open stores, including eight monobrand boutiques for TAG Heuer, Omega and Breitling in the United States this month.
In London’s affluent Knightsbridge, one of its three flagships in the capital will reopen today with double the amount of retail space, a new Rolex room and additional space for private consultations and entertaining.
In October, WOSG shares jumped by over 20% after it upgraded advice on its performance.
A statement to the stock market said that revenue for the first 10 weeks of the second quarter ending October 25 was stronger than expected, rising 18% in reported terms to £202.7 million from the year before. This represented a 20% revenue rise at constant currency.
The second lock down has not tamed investors’ enthusiasm, which will give encouragement to other retailers in the sector, and among luxury watch and jewellery brands that have their own boutiques in London’s West End.
Early indications are that Black Friday sales, which mainly took place online this year, were underwhelming; perhaps because shoppers have been looking forward to getting into stores again and are anticipating bargains ahead as retailers try to shift stock.