Patek Philippe sales hit a new record of £238 million in 2023-24, up 12.4% year-on-year, but rising costs meant operating profit dropped by 33% to £20 million.
The company described the results for the financial year, which ended on January 31, 2024, as “excellent”.
Patek Philippe’s growth rate was almost identical to Rolex’s in the UK.
Rolex reported sales rising by 12.7% in its 2023 financial year with turnover topping £685 million in the UK.
Patek Philippe’s financial results cover both its wholesale operation — selling at trade prices to its network of authorised dealers — and its retail operation selling at full price to consumers through its own boutique on London’s Bond Street.
Patek Philippe Salon Limited, the Bond Street retail business, saw sales rise by 10% to £83 million, accounting for just over one-third of the watchmaker’s total turnover in the UK.
Patek Philippe’s own boutique is now the only point of sale for the brand on Bond Street after its partner, Wempe, lost the brand.
Watches of Switzerland Group expanded its Patek Philippe room at its 155 Regent Street multibrand showroom earlier this year and Pragnell stocks the brand at its Mayfair showroom.
Patek Philippe has reduced the total number of points of sale in the UK from around 40 at the start of 2023 to 27 today and increased the size of its Bond Street salon by taking over a neighbouring retail unit.
The expanded salon was not open at the end of the 2023-24 financial year.
Operating profit margin fell from 14% to 9% after cost of sales rose by £30 million and administrative expenses jumped by £6 million. Combined, the increase in costs depressed profit by around £10 million.
