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Good times: Watches of Switzerland raises revenue guidance Harry Wise For This Is Money © Provided by This Is Money MailOnline logo Watches of Switzerland will pay back around £3.3million in public furlough support after raising its full-year revenue forecast due to strong sales online and in the United States. Britain's biggest retailer of Rolex, TAG Heuer and Breitling watches has increased its expected sales for the 2021 financial year to between £900million and £925million from its previous guidance of £880million to £910million. The Leicestershire-based group's st...

Good times: Watches of Switzerland vows to pay back furlough money after online sales spike boosts its fortunes Harry Wise For This Is Money © Provided by This Is Money MailOnline logo Watches of Switzerland will pay back around £3.3million in public furlough support after raising its full-year revenue forecast due to strong sales online and in the United States. Britain's biggest retailer of Rolex, TAG Heuer and Breitling watches has increased its expected sales for the 2021 financial year to between £900million and £925million from its previous guidance of £880million...

Thursday, 17 December 2020 11:28 As anticipated, TRBusiness’s ‘Keep tax-free sales at airports and the VAT Retail Export Scheme’ (VAT RES) petition for the UK has received an official response from Parliament. This publication launched the petition in October amid a wave of opposition to the Treasury and HM Revenue & Customs’ Decision to axe VAT RES and the airside extra-statutory concessions next year, with more than 11,700 signatures recorded at the time of writing. The government said in its response: “Visitors can shop VAT-free when purchases are sent directly to ove...

Chief executive Brian Duffy said: “Despite significant headwinds throughout the period, we achieved a good sales performance with domestic customers offsetting lower tourist and airport sales in the UK, and elevated momentum in the US.” The boss told the Standard that there was high demand for Rolex and other brands from UK customers. The company, which floated in May 2019 at 270p per share, said it now expects revenues in the year to May 2 2021 to be between £900 million and £925 million. It had previously guided £880 million to £910 million. The retailer intends to repay furlough mo...

"This measure is not expected to have a significant impact on family formation, stability or breakdown." "Customer experience is expected to be positively impacted as travellers can now purchase duty-free goods when travelling to EU countries." However, the government added, "the VAT Retail Export Scheme will not be extended to EU visitors and will be withdrawn for non-EU visitors in Great Britain from January 1, 2021" as it is a "costly relief which does not benefit the whole of Great Britain." The authority continued: "Retailers will instead continue to be able to offer VAT-free shopping, c...