It isn’t just the luxury end of the market that has bounced back after covid lock downs, Citizen Watch UK also recovered to pre-pandemic performance in the year ending March 31, 2022.
The business has a mixed portfolio including Citizen, Frederique Constant and Bulova.
The final financial year before covid was extended to 15 months, with turnover of £31.5 million, roughly the same, once adjusted, as the £25.7m generated over the 12 months of FY19.
Bouncing back after the Christmas and first quarter lock down of 2021, the group posted sales for the financial year to from April 2021 to March 2022 of £24.5 million.
Despite aggressive cost-cutting and taking £531,000 in furlough payments and other government support measures, Citizen Watch UK Ltd posted an operating loss of £1.6 million for the pandemic-ravaged financial year.
Some of those cost-saving measures carried into the latest financial year, helping the business post a profit of £453,388.
“Throughout the year, disciplined cost management enabled us to reinvest in our core marketing activities to drive awareness and sales across our brands. As a result, our brands further developed their leadership positions, increased market share and dominated key price points in the UK watch market,” the company states in commentary accompanying its latest accounts.
