Watches of Switzerland’s Jewelry Sales Sink in Q2

London—Watches of Switzerland had a rough first half of the year, with jewelry sales down double digits and watch sales virtually flat. CEO Brian Duffy pointed to a “difficult consumer environment” as the company released its second-quarter results Tuesday, while adding that several of the company’s Mappin & Webb showrooms in the United Kingdom have been closed for upgrades though they are set to reopen before the holiday season.

Pre-owned watch sales, however, were a bright spot on Watches of Switzerland’s balance sheet, up 80 percent year-over-year in the second quarter.

Duffy noted a positive response to the company’s rollout of the Rolex Certified Pre-Owned program, launched in the United States in July and in the U.K. in September.

For the second quarter ending Oct. 29, the company posted £379 million ($466 million) in total revenue, up 1 percent year-over-year at actual rates, though up 5 percent at constant currency rates.

In the U.S., Watches of Switzerland’s revenue grew 4 percent (11 percent at constant currency rates) in Q2, totaling £165 million ($203 million).

For the first half of the year, Watches of Switzerland’s total revenue was £761 million ($936 million), flat year-over-year (up 2 percent at constant currency rates).