In a trading update for the 13 weeks to July 2023, Watches of Switzerland posted total sales of £382m, representing a fall of 1% in constant currency terms and 2% in reported terms, compared with the £391m the business made during the same period last year.

The luxury watch retailer reported sales of £163m in the US, a 10% growth in constant currency terms “driven by higher volumes, reflecting the success of our model and the strength of client demand”.