Good morning, everyone. Welcome to our Watches of Switzerland financial presentation. My name is Brian Duffy. I'm the CEO of the group, and we're going to be presenting today our final results for fiscal year 2020, our trading update on the first quarter of fiscal year 2021, which has just ended, and then our guidance for the full year fiscal 2021, which we've just formed. Delighted to be joined by three of my colleagues today who will be joining me in making this presentation. We first of all have Craig Bolton. Craig's our Executive Director responsible for the U.K. business. We have David Hurley joining us from the U.S. David's our Executive Vice President responsible for the U.S. business. We have our Chief Financial Officer, who I'm sure many of you recognize and know, Anders Romberg.
He'll be taking us through numbers and guidance as we go through. Just before we go to the slides, I'll just make a couple of introductory and I think important comments. We're very pleased with our performance both for the fiscal year and for the first quarter of this new fiscal year. I think we're proving just what a great category that we are fortunate enough to be in, of the world of luxury Swiss watches. Very resilient category. Clearly within that category, our model is working well throughout this period. I think very importantly, our multi-channel approach, where we have a great combination of fabulous stores with great teams, which we complement with our online business and support the whole thing with tremendous marketing, particularly digital marketing.
We're very happy with, in these unusual circumstances, what we've achieved, and I hope you feel the same when we go through our presentation here. Looking at the first slide, fiscal year 2020. Our strategy obviously is working. We were having a tremendously strong period leading into when lockdown happened in mid-March. It was week 46 of our financial year. Very strong in the U.K., gaining share, doing well. We are particularly chuffed about how well we were doing in the U.S. We haven't been there a long time, but I think the great performance we were delivering, 35% year-on-year growth in the U.S., really showed the success of our strategy. It was very broad based. Our acquisitions in Mayors and Wynn working very well. Our new builds in New York working well. The team doing a fantastic job overall.
In such a short time to have this strong momentum in the U.S. we feel is a great accomplishment by David and his team over there. We have gained market share, as I'll show you, both in the U.K. and in the U.S. Our marketing is really working. We've attached to the appendix of our report some market research information that shows the progress that we've made in awareness in the U.K. and the amazing awareness that we've established in New York in such a short time. Great stuff, but obviously along came COVID that really influenced all business and all of our lives. Despite that six weeks of lockdown, we still actually produced record results overall. Our sales, before adjustment, our sales were up 5.9%, which is comparable. Our EBIT was up 7.8%.
We're now reporting a ROCE calculation, which year-on-year showed a progress of 110 basis points. Very happy that performing well in all of those financial KPIs. In terms of market share in the U.K., we measure that we've made a 200 basis point improvement in our market share, taking us up to 37.2%. It's actually an acceleration of market share gain from what we've done on average over the previous five years. ecom, we even were ahead of that, 330 basis points improvement in ecom to give us a share of 43.7%. We would add that in the first half of calendar 2020, ecom business actually increased to a market share of 48%, so almost half of the market. I think we believe has progressed even since then.
In the U.S., our market share went from 6.8%, 120 basis points up to 8%. I'd just point out the obvious that we're obviously not present in all of the U.S. These are national statistics, and we enjoy a bigger share where we are in Florida, Georgia, New York, and Nevada. Lockdown, totally unprecedented circumstances for us all, I know. I think our teams and our business really responded very well to these unusual circumstances. We're very active in clienteling. We have long waiting lists. We have a great database of clients, and we were able to reach out to these clients, keep engaged with them, and even take pre-orders for when we were reopening. Very productive and very positive interactions. ecom, clearly the market moved in favor of ecom, and we didn't just sit back and accept that.
We actually got behind ecom, spent more money on marketing and driving our presence and market share there. We stepped up our engagement with our brand partners and who we depend for our business, particularly around new products. There was a lot of activity on new product launches that Craig will mention more in his presentation. We took the opportunity of engaging both on the introduction of the new products and the plans to bring the products to market in the balance of the year. Digital obviously was key, and clearly we've got great resources, great experience on digital, and it really came into its own as a medium during these unusual circumstances, and a great impact from that. We are doing everything virtual, of course, interacting with our teams, interacting with one another, but also interacting with the consumer base out there.
The image that I have on this slide here that you can see is us introducing a new exclusive product, and we have on screen there a presentation from London, Tokyo, and New York as we presented to a good number of press in the U.S. Our teams were really inspirational during this time. We loaded up a lot more training opportunities and a new e-learning platform, and our teams really just gobbled them up. They were learning everything about what they sell, and even learning about brands that they don't sell, just to improve their education, and great response. We also had a lot of social interactions with our team, keeping everybody communicating with one another. We had a virtual pub in which we had quiz nights and gigs and all kinds of fun.
We kept the team continually up to date with our view of what's happening with our business. We were really delighted from the beginning. We said to our team, we wanna keep everybody employed, we wanna keep everybody fully paid, and we hope we'll be able to do that. We were delighted at the end of lockdown to confirm that, in fact, that's what we did for all of our teams. We were preparing for reopening almost from the day that we closed. We knew that it was gonna be very different on reopening, and we wanted to get ahead of the game. We really were ready to reopen a month before we were eventually able to do it. All that preparation and training, I think, put us in a great position for the reopening when it came.
On this chart, we're looking at our sales performance for the first quarter. May, as you can see, we were more or less closed, and then we started opening progressively end of May through June. U.K. was mid-June, and July before we got most of our store network open. What we've done, just to help you understand the performance, first of all, we're showing here our sales by month, U.K. and U.S. separately. We've also done a calculation of saying, had we been open for all of the hours that we'd have recognized normal opening, what would it have been? What were we actually open? In the case of the U.K., we're saying in June we were only open 34% of the hours that would otherwise have been available, 78% in July.
If you look overall, in total, 10% May, 40% June, 74% in July, our total group was effectively open for 38% of the quarter. Traffic was down on average probably 50% since reopening. Only open 38% of the time with 50% of the traffic. Given those conditions to be delivering a sales performance that's only 27% down, and in fact showing growth for the months of June and July, we think is extraordinarily good. Obviously, e-commerce performed well during that time. Actually, in the month of May, when we were fully locked down, 118%, and then gradually reducing as the stores opened. For the quarter overall, up 79%. Our debt, I'll mention too, below GBP 100 million, down to GBP 91 million overall. Our finance team clearly did a great job of managing cash during this period.
This next chart, we're comparing the makeup of our sales quarter one 2021 against quarter one 2020. It's pretty remarkable. Quarter one is when we have most of our tourist business for the year. If we look at quarter one fiscal year 2020, 33% of our sales came from the combination of tourism and airport traffic, which had all but disappeared in the last quarter that we're looking at, only 3%. We went from 33% to 3% from those segments. Our domestic business effectively filled the balance overall, particularly our domestic business in the U.K., and particularly our regional domestic business in the U.K. Just proving, as we've presented continually, that we're very much in a supply-driven business, and demand continues to significantly exceed supply, so we're able to move the product around and take advantage.
When we look at the balance of fiscal year 2021, we are looking at what we think will be a gradually improving situation through to the end of the year. We do think that our capabilities and position in the market is gonna position us well to continue to gain share. First and foremost, we think the situation of demand exceeding supply for key brands, Rolex, Patek, and Audemars in particular, will continue throughout this year, in fact, for the indefinite future. Digital and marketing and social media are clearly very, very important in these unusual circumstances. Again, I think we're very advanced in how we use that media. Multichannel, very important, the combination of online and stores overall. An increased engagement with our brand partners, particularly new products, we think is gonna serve us well in the balance of the year.
Our technology, our SAP-based systems driving our CRM, we've now adapted them to support remote selling and appointment management. Again, just having that technology gives us the flexibility and ability to respond. We really think we're well positioned to, if anything, accelerate the market share gain in the remainder of fiscal 2021. With that, I'll hand pass over to Craig. There you go, Craig.
Thank you, Brian. Good morning, everyone. It's my job in the next few minutes to take you through the key initiatives we have running here in the U.K. Just firstly, before we do that, I just want to say the U.K. division is really well poised for further growth. Our structure here is really well established and very effective, both from a retail standpoint and also from a support centre standpoint. We've transformed our business in the last six years in terms of stores and product and marketing. As you've already heard, our product, our luxury watch share continues to grow as it did last year, up to 37%. I want to cover first just one slide on COVID-19 to kind of box that off. We had a real immediate focus when COVID hit and lockdown happened in mid-March.
We really wanted to look after our team members, and the care and wellbeing of them was really paramount for us initially. We then really enhanced our communication both to our team members and to our clients to keep them engaged throughout that period of time. We instantly turned to adapting our business to what we thought was going to be that post-COVID world of retailing. We did a great job with that. In parallel to all of that, we wanted to maintain sales and profitability where we could. The two key areas for this was our enhanced clientele, where our teams used the very best CRM tools they've got to drive and pre-sell luxury watches that the consumers then picked up post the lockdown. Of course, our online sales really motored through that period of lockdown, finishing the quarter at +79%.
On the next slide, we didn't settle down into just the day-to-day running of our online business. We really wanted to focus on new initiatives, too, during that period of time. This slide shows a number of initiatives we had going. One was really to increase the luxury brands that were transactional on our websites. You can see here six new brands entered our websites during that period of time. The likes of Panerai and JLC and Vacheron are now transactional across all three of our websites. We wanted a new process through our websites to allow consumers to pre-order and also register interest for new product in advance of that product being launched. Again, creating a pipeline of sales prior to that product actually coming out. As far as luxury watches are concerned, we really wanted to emphasize watches-of-switzerland.co.uk.
We entered into a significant digital marketing program at the beginning of May, really driving traffic and conversion to this site, and that will form part of a much wider initiative we have for the rest of our fiscal year 2021. As stores started to open, you can see on the next slide, the effect on traffic, probably no great surprise here, but malls, London, and Heathrow traffic was significantly down year-over-year, as you've heard. Really didn't matter as much to our business. Our productivity levels remained very high. Conversion was a multiple of what it was prior to lockdown, and our teams did an unbelievable job with our CRM systems in terms of driving their own traffic. The international business was down 92% as measured from premium tax refunds in quarter one.
We're expecting a similar level, actually, in drop for quarter two as we go through the summer period. Again, our teams will continue to clientele to cover that loss. What we've proven through this period of time is our domestic and regional businesses are super strong and can more than cover the loss that we're seeing from the international traffic. What we are aware of going forward is we will have to do an even better job in driving our own traffic. We believe the technology we've got here in the Watches of Switzerland Group is going to allow us to do that. The teams have great CRM tools to allow them to drive that one-to-one clientele on a daily basis in the stores. Our web-enables facility in the stores allows our team members to really assist our clients to purchase online.
The focus that we've got on digital marketing versus traditional marketing just really allows us to reach more of our consumers, and they're a much more engaged and loyal audience, as we found. We're going to invest further in that channel. Our latest development By Personal Appointment was our new appointment system, allowing clients to book in-store, telephone, and virtual Zoom appointments. We launched this on the 6th of July, and already it's forming a significant part of our footfall. Over 40% of the traffic coming to our stores now are pre-booked appointments by our teams.
As stated previously by Brian, new product really is the lifeblood of our business, and we did think when COVID hit and production was affected for the brands that that would be less impactful in 2020, but actually, as proven 2020 and into 2021 now, we're very confident new product is going to be excellent. We're expecting upwards of 400 new products to be launched here in the U.K. with these brands. Rolex is going to be very significant for us. Their new product launches on the 2nd of September. We get to see it on the 2nd of September. All of these other great luxury brands have either launched or are launching pre-Christmas exceptional new product, and much better than we could ever have hoped for.
We're going to put a big 360 marketing plan behind all of that through all of our digital channels in terms of marketing. We've created a new e-learning platform for our teams to go on and learn all about this new product. Of course, we won't be running in-store events this calendar year for sure, but we are now getting used to running very effective virtual events, as you can see here in the bottom right when we launched the new Hublot exclusive. Our estate remains really critical for us, and investment in that estate is going to continue into the fiscal year 2021. Our focus remains on our Rolex stores and the expansion of monobrand. We really believe in the high street, and we really believe that people still want to come to our luxury showrooms to see this product.
Of course, with Rolex, they have to come to our stores to see the product. Just starting with Fraser Hart first on the next slide. We only purchased these stores back in February. They actually only traded for two weeks prior to lockdown. We didn't really have much of an indication then of their trading. Since reopening and the support they've had from our group, these stores are all trading well ahead of expectations. They've all fully integrated into our group systems and the people feel very, very good. We are going to develop and refit all of these stores in the next two years. The Kingston store, our Stratford store, and Brent Cross store will all be refitted the early part of 2021. Mappin & Webb York, where we'll be looking for a relocation, will be done the early part of 2022.
Then we've been super busy the last few weeks opening new stores, as it happens. This great store here, on the next slide, is the Glasgow Rolex monobrand boutique we opened on the 27th of July. It's only been trading for two weeks, but honestly, well ahead of any expectations we had for it prior to opening. The store looks absolutely amazing. I would encourage you to go and see it if you can. Early part of July, we developed our Mappin & Webb Cambridge store. We actually doubled the footprint on this store, doubled the size of the store, built this beautiful Rolex lounge to the left-hand side of the store, and again, trading well ahead of expectations. We continued the advancement in our monobrand estate. We opened three TAG Heuer stores within three weeks.
Firstly, in Oxford here, on the left-hand side, and then moved into Kingston and Watford, and we're very, very committed to the development of monobrand as we move forward this year and beyond. Then we're going to be super busy pre-Christmas still with more openings, more refits. This great store on the next slide is Knightsbridge. We took the store next door to our Watches of Switzerland store. We're building a beautiful Rolex lounge there which will be visible from Brompton Road. We'll be refitting the entire ground floor and first floor with multiple shop in shop installs, and then a beautiful VIP lounge on the first floor also. Also in November, we've got our new flagship store in Broadgate here in the city. It's a 6,000 sq ft showroom on two floors.
We'll have a Rolex lounge, multiple shop in shop installs across the store, and also an Omega boutique attached to the right-hand side of the store. You can see the level of brands we've acquired for this store. It really is a fantastic array of luxury Swiss brands. Just moving on to the monobrand that we're doing. This Tudor monobrand here, which is going to be opening in the Westfield Centre in London here, will be the first Tudor monobrand in Europe. Tudor are also developing new exclusive product for their monobrand. We'll get that product here in the early part of 2021, and this will be the only store in the U.K. where you'll be able to get that product. In April next year, this new development will complete this new shopping mall in Edinburgh in St. James's.
We're trying a new concept here with the Breitling and Omega monobrand in the same space with a shared back-of-house. It'll be hugely productive space for us and looks absolutely fantastic. I'm sure you'll agree. Moving through to Trafford Centre where we're going to be opening this TAG Heuer monobrand store just post-Christmas. We already have a Breitling monobrand in the centre trading very well, and we have the same optimism for this store there when it starts trading. Just to summarize, we believe whilst we've gained market share in the U.K., we'll continue to do so. The significant investment we've got planned in capital for our existing estate, but also in new stores will continue to elevate our store portfolio.
Our focus on new product and exclusive product will continue to strengthen our brand partnerships, drive our sales obviously, and we'll continue to gain shares from that. Our continued investment online and marketing will continue to allow us to adapt to the change and face of retail and obviously reach more of our consumers in the right locations. The CRM tools that our teams have got are really high level and really technically forward thinking and will allow us to drive our own traffic going forward and rely less upon what's happening in the high street. All of our initiatives here I've just talked through are all running. We're very confident with them all, and we feel very confident about fiscal year 2021. I'm going to pass over now to David.
Thank you very much, Craig. We're delighted with the progress that we made in the U.S. against our strategic priorities, our results for FY 2020, and the strength of our business since reopening. I'm going to bring you through some of the key highlights since we've entered the U.S. market, what we've accomplished over the last year, and a little bit of what's upcoming. Just a quick refresher that actually we've only been retailing in the U.S. for less than three years, starting when we acquired Mayors in October of 2017 which gave us a concentration of retail in Georgia, but also in Florida, which is one of the largest luxury markets, and also gave us a experienced, scalable support team, which is based in what is now our U.S. headquarters in Fort Lauderdale.
We took over the exclusive luxury watch retailing in the Wynn Resort in December of 2017, followed that up with our first Watches of Switzerland New York flagship opening up in SoHo in November of 2018, anchored by Rolex and Patek. Still, I think probably the most spectacular store that we've opened up in our network and continues to go from strength to strength in sales versus prior year and since we reopened again on June the 22nd. Last but not least, our Hudson Yards flagship, which opened up in March of 2019. The success of our New York business and the rest of the U.S. group has been driven by innovative marketing and customer experiences. All of that PR has helped drive both our overall brand awareness, but also expanded our consumer database.
We've been beyond delighted with the store renovations that we've done with Mayors, and there's no better example of that than our store in Lenox in Atlanta. We moved from within the mall to what we consider to be the best location, adjacent to Louis Vuitton and Cartier. We also opened up there for our first Audemars Piguet boutique. Lenox is a powerhouse store for us, and traffic has been up over 100% since we've moved from our prior location. On the next slide, you can see our fantastic store in Merrick, in Miami. Again, you can see the new store fascia, which was part of our design, as well as the new Mayors logo. You can see the welcoming atmosphere from the other images within the store itself. Traffic here is up over 50%, and dwell time has increased for our consumers also.
Last but not least, we also opened up in Avalon, in Atlanta. We relocated from another mall that's just over 6 mi away. Again, both traffic and sales have increased as a consequence. We continued to clientele while closed. The image on the left is one of our store team doing a hand delivery to one of our clients in Florida. We began reopening our stores again on May the 7th, starting at Atlanta. Our teams were prepared with new operational procedures. The response from our consumers has been fantastic. Okay, we continued with our innovative marketing, launching our Grand Seiko exclusive on May the 14th to over 80 international journalists. We also utilized AR functionality so our consumers would be able to wear the watch virtually on their wrists at home. The response from both press and PR has been phenomenal.
In terms of future growth, we're going to look to replicate the success that the U.K. has with monobrand boutiques, and we're going to be opening up the first of a series of monobrands in November of this year. We're going to continue to refurbish our Mayors stores, building on the success of the refurbishments already done. Our next one up is Aventura, which is probably our most successful store in Miami. Currently, we're adding an extra 2,000 sq ft to the store, and we're also going to be opening up our first Bulgari monobrand. We'll be following that up in fiscal year 2022 with a new location, the American Dream project in New Jersey in the Meadowlands. We believe the U.S. market is well-positioned for long-term growth. It's still very fragmented. We don't enjoy, nobody enjoys the market share that we have in the U.K.
We're going to continue on the strategy that we've pursued to date to drive future growth. We're going to continue on our refurbishment program for the Mayors stores. It's already been very successful. We're going to continue to open up new projects, such as expanding monobrands across the U.S., the American Dream project that we're opening up in the next fiscal year. We're going to continue to identify new white space locations like we did with SoHo that we turned into success. We're obviously going to drive e-commerce over the course of the next couple of years. We're going to, again, take a look at other potential acquisitions where we feel that it makes sense. With that, I'm going to pass you over to Anders.
Thank you, David. We're very pleased to announce that we had yet another record year in the group. Our sales came in at +4.8% on prior year. Up until the lockdown, we were blowing it out of the park, growing by 15.8%. Obviously, in the last six weeks of the year, we had a bit slower growth. In terms of the growth, it came predominantly out of luxury watches, which was very positive throughout the year. We saw our average selling price in the U.K. grow by 11%, and in the U.S. by 9%. Very pleased with the refurbishment program in Mayors, where we're trading well ahead of where we had expected. Our net margin throughout the year expanded by 0.1%, in spite of having a high penetration of luxury watches. That's been offset by less customer incentives throughout the year.
Our showroom costs, again, on a 46 weeks trading period, still leveraged on prior year. That leverage would probably have been a bit better if we would have traded throughout the year, but we gained another 0.3% out of this throughout the year. Our overheads was up throughout the year. We spent another GBP 2.5 million on marketing, prominently supporting our U.S. business as well as our ecom business. In addition to which, we added some structures in to support our business as a public entity. Our opening and closing cost was down year- on- year. Last year, as you recall, we opened up our two big flagships in New York, the opening and closing cost last year was somewhat inflated versus what we've experienced over the past few years. Our adjusted EBITDA margin came in at 9.6%, which is 0.7% ahead of last year.
Very, very pleased with that, I must say. Our adjusted profit before tax came in at GBP 49.4 million, or + 86.5% on last year. All in all, a very good year, we think. In terms of our balance sheet, the goodwill increase relates to the acquisition of Fraser Hart, as you've heard about. In terms of other movements that I want to point to is our inventory went up about GBP 42 million on the year, and that related to good intake of high-demand products in February and March leading into the lockdown. Not a big problem, inventory as such. Our stock turn in the year was 1.9x in total versus 2x of prior year, and that is in spite of losing six weeks of sales, so obviously somewhat inflated this year as a consequence of that.
Our trade payables is mainly a reflection of our intake of inventory. In terms of receivable, obviously, we focused a lot on cash management as we went into the lockdown and throughout the lockdown. We had scaled back on our in-house program throughout the year in the U.S., that is actually now fully terminated. We're not offering in-house credits since July this year. Also we didn't prepay our rents as previously done in 2019. Obviously we had a cash benefit as such. In terms of financing, we did replace our bond as part of the IPO. That was replaced by a much more favorable term loan and an RCF and an ABL.
In addition to that, we've layered on post year-end, an additional facility of GBP 45 million. The reason for that is simply because we wanted to have enough headroom in case the lockdown was going to be extended throughout the next very long period of time. It was more a defensive mechanism then. We haven't utilized it. In terms of our cash flow, in the year, our operating cash flow came in at 65.7%. That is slightly down year- on- year. The main driver of that is obviously the increase that we're seeing in inventory throughout the year. In terms of CapEx, we spent GBP 28.7, slightly below what we guided towards before. Obviously, we didn't have any CapEx expenditure during the lockdown because everything was in standstill. The remainder of our finance structure is a result of our refinancing. To the guidance.
We are looking at this fiscal year with some degree of confidence, I must say. It's going to be on a 53-week basis. The first quarter trading has been very encouraging, and we obviously haven't been open throughout the whole quarter, but still, we traded ahead of where our initial expectations were. In terms of assumptions that we're building our plan on is obviously that there's going to be a continuous strong demand in the domestic market, both for luxury watches, both in the U.K. as well as in the U.S. We do not expect any further national lockdowns, nor in the U.K. or in the U.S., throughout this year. We don't expect any significant reduction in production during the year. Obviously no major disruption from Brexit. Most of our products are sourced out of Switzerland, so no major impact expected on that.
We do expect to see further localized disruption, as we've seen in the first quarter with Leicester and Atlanta and Georgia being impacted as examples. We think that demand is going to continue to exceed the supply in our domestic markets of the most sought-after brands. In terms of traffic flow, we do expect our airport business and tourism to moderately improve throughout the year, but it's going to be slow and gradual. We also have the benefit of the acquisition of Fraser Hart that we completed at the back end of last fiscal year, as well as some additional projects as you've heard earlier in this presentation. That will take our guidance to sales of about GBP 840 million -GBP 860 million or + 4%-6% on this year. We do expect our EBITDA margin to remain flat year-on-year.
Our depreciation and amortization is expected to come in between GBP 21 million and GBP 23 million. Our finance cost is projected to be GBP 5.3 million -GBP 5.8 million. Just as a side note, GBP 1.7 million of finance cost this year was incurred in relation to the old bond. Our tax rate is expected to come in between 21% and 22.5% as we shift more profit into our U.S. business that are outgrowing. Obviously, the tax rate there is a bit higher. Capital expenditure is planned to come in between GBP 28 million and GBP 32 million throughout the year, and our closing debt is projected to come in between GBP 90 million and GBP 110 million. I will now hand over to Brian for some closing remarks.
Thanks, Anders. David and Craig, thanks for your presentations. Just a couple of final concluding remarks. Clearly, our strategy is working. We see no reason to change it at all. We're going to carry on investing and maybe a counter to what's happening elsewhere in the market. We are going to be opening stores. You've heard the formats that we'll be doing for stores. We really believe in our format, our multi-channel approach overall. We think the market is going to gradually improve throughout the year. Even at the end of the year, we'll not be back to our 2019 levels. We think that's probably calendar 2022 at the earliest before we would see all that coming through.
We're just very well positioned in this market with our technology, with our position, with our market share, and we think we'll gain share during the balance of our fiscal 2021. Finally, just to say that if there ever was a time for team spirit and focus and commitment to be shown, our team really stepped up during lockdown and since, and take a lot of credit for the great numbers that we are delivering today. Thanks for your attention, and with that, we'll move over to the Q&A.
Ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad. Alternatively, you can submit the question via the Questions tab on the webcast. We have our first question from Louise Singlehurst from Goldman Sachs. Louise, please go ahead.
Hi. Good morning to you all. Thank you very much for all the detail that you provided there, particularly the run rate during Q1. Very helpful. I wonder if you can just help us think about the U.S. growth and the outlook. Obviously incredibly strong as you saw that number at the back end of the quarter. I suppose just trying to contextualize how much you think is the pent-up demand, but also if you think it's obviously a sign of the branding initiatives being probably ahead of the original plan. Also for the U.S. market, if you can help us think about potential, I know we talk about how fragmented the market is, the potential for share probably coming a little bit sooner given the results of the impact of COVID-19.
Then just secondly, I wondered, and particularly Brian, if you can just help us think about the negotiations with brands for the product. Obviously, it seems just highlighted that you've got the new launches coming in from Rolex, I think, September the 2nd. Presumably, you have pretty good view of the allocation you're going to get, given the guidance that you've given for the full year. Can you just help us think about the product that you're getting, not just from Rolex, but from the other brands as well? That'd be really helpful. Thank you.
Okay, Louise. Thanks for your question. We clearly, as we've reported, have great momentum in the U.S. market. We're very, very pleased about. Week 46, as you know, we were running at +35% for the year overall. That was ahead of where we expected to be. Our refurbs in particular that we had done in Mayors exceeded our expectation overall. We're feeling very, very positive about the U.S. market. Clearly Q1, the U.S. has again been outperforming overall. That's great to see. There's no question that the demand is there. There's no question that our approach to the market and the investments that we're making is stimulating further demand. Everything is good. The big question is our ability to get supply to respond to that demand overall as it is here in the U.K.
Our situation, just to move on to supply overall situation remains as we've been reporting it. Clearly, we're pushing and use every opportunity we can to justify increased supply into our market. The biggest single thing that we do that does get us additional supply is investment and expansion overall. The projects that we have in place are all on the basis of getting additional support to make them effectively work. These conditions haven't changed. Our view of the global market is that there's probably been a bigger decline in sales through because of the absence of tourism from the global market than there has been on production overall. Production, there was a lockdown in Switzerland. Production affected anywhere between 15% and 25%. At a global level, we think that should translate to there being a wee bit more product around. Are we seeing that?
Do we have any confirmation of that at this stage? Not really. We have as much visibility as we've ever had. Obviously, we have in the very short term, the next six or eight weeks, we know where we are. I think overall we're in pretty good shape on supply, but supply is the biggest constricting factor for growth. Our demand overall is greater than we might have predicted it a year ago, particularly because of the kind of dynamic success that we're having in the U.S.
Great. Thank you.
You had asked about the other brands, too. Situation again remains the same. What I just said applies to kind of Rolex, Patek, and Audemars.
Can I just ask in terms of the percentage would consider to be on a wait list in terms of product or how big the Rolex business is now? Thank you.
Yeah. Overall, I think we'd heard some kind of comments or questions about have we used the waiting list during this time and effectively reduced it. Honestly, not really. We've never taken names. We don't want to take names of people that might have to wait two or three years. We want to manage expectations overall. Our wait list remains as kind of buoyant and healthy as it's ever been in U.K. and U.S. Fair to say that these brands, in total luxury watches have become a bigger part of our business as the numbers, you have the numbers there to see that. That trend continues overall. Our top seven brands, Rolex, Patek, Audemars, Cartier, Omega, Breitling, TAG, those top seven brands are an even bigger share of our business overall. Within that, yes, Rolex continues to outperform overall as part of our mix.
Great. Thank you for the color.
You're welcome.
Thank you, Louise, for your question. Our next question from Greg Lawless from Shore Capital. Greg, please go ahead with your question.
Morning, guys. Well done on the numbers. Just a couple from me, if I could. Could you just talk about the pricing outlook in terms of inflation? Could you just remind us with the last kind of consumer recession, kind of how resilient the business was during kind of a consumer downturn? Thank you.
We are not anticipating or we haven't built into our thinking and planning any price increases. There are price increases affecting this year. There was an increase in Rolex that went through in January in the U.K., just over 7%. In the U.S., 3%. There was an increase in Omega that's come through as well. They will impact this year, and they are considered in the guidance that we've given. Beyond that, we haven't considered that there could be further price increases. The last 2008 U.K. market was reasonably resilient in the sense that it didn't go down. It had been growing well going into the financial crisis, but was effectively flat during that period. It was before our time with this group here, continued to perform reasonably well during that time and kind of maintained profitability and so on.
The conditions today are much more kind of dynamic and buoyant than they were back then. The disparity between supply and demand is much greater today than it was then. Back then, the market went down because demand went down because people weren't traveling and the local financial crisis as well. I think as our numbers are testament to, if it happens today, there's more than enough others that are waiting to effectively fill the gap, as we are doing in this quarter. We're way down on international business, as you've seen, and yet complete compensation for it by domestic consumers getting the opportunity to buy overall. I think we're looking at different conditions, and the supply situation remains a critical factor.
Thanks very much.
Thank you, Greg, for your question. Our next question is from Russel Higgins from Barings. What was the estate growth, including M&A? Could you please give us a better sense of LFL sales growth in quarter one and FY LFL guidance? Thank you.
We've actually not guided or for that matter, disclosed our like-for-like. Obviously, the estate was closed for six weeks, and on and off stores were open. It's just really hard actually to gauge what the like-for-like is for this last quarter as well, obviously for the fiscal year of last year, where we had the same disruption at the back end. We haven't disclosed that. In terms of estate, obviously we acquired the four Fraser Hart stores, at the back end of last year, as you're well aware of. We also sent out an RNS, what we think those will contribute in our business over the next 12 months. That is also out there. Those numbers are publicly available. Other areas of estate growth is predominantly within the monobrand sector, where we opened a few monobrand, which we're very pleased with.
The big win of the year, I think from a capital expenditure point- of- view, has been in the Mayors estate, where we obviously completed four refurbishments and relocations, which all have worked out actually ahead of what I was expecting them to. We're very, very pleased with that. For the coming year, if you look at it out in 2021, the major projects that we're doing in this year, obviously, A, we're continuing our expansion within the Mayors. We're doing Aventura as we speak. That's going to be a huge expansion of Rolex within that location. That's going to be a good addition to what we do. We're looking at Boca Raton at the back end of the year. We're also expanding in Knightsbridge, where we're taking the adjacent unit, where we're expanding again with Rolex into a fantastic space.
They get their own room with their own frontage. That will be good. Then we obviously have Broadgate that is coming on stream in November of this year. Those are the major projects that we're looking at.
The Rolex boutique in Glasgow that we just completed. Everybody seems to forget about Glasgow. I don't know why that would be, we've done a beautiful store that we opened on 27th of July as a Rolex boutique in Glasgow, the first one in Scotland, it looks amazing and it's performing very well.
Thank you. Our next question is from Richard Taylor from Barclays. Please, can you comment on what you expect to happen in the rest of the market in the U.K. and U.S.? Are you seeing capacity fall yet from other less well-financed operators? How would you expect this to change as the year progresses?
A good question, Richard. We've hopefully pointed out in our presentation that we think our sort of position and resources really advantages us during these market conditions. By definition, those that don't have the sort of technology or capability you would say would be disadvantaged in this situation. Digital has clearly become very, very important. Activity in social media are very, very important. If you see the awareness that we created in New York through some fabulous bold PR events and activity, but very much amplified through digital and social mechanisms, that's how you have to operate today. I think multi-channel is hugely important today. Going wherever the client wants to be shopping is critical. Whether that's a monobrand or an airport or online, whatever it may be, we are responding to those trends that are there.
We are investing, we're ambitious, we have scale, we have technology, we have in-house skills in social media and all that. By definition, other players out there, you could run through and see whether or not they tick all of those boxes that are there. I do think we are competitively advantaged, and that advantage has definitely been accelerated by all of these circumstances. I think it's a fair thing to say, competitively, what might happen with the rest of the distribution out there. Fair to say that anyone who has a good brand portfolio, Rolex in particular, will be doing well too, along with us, and we haven't specifically heard of any financial problems in the network. It's a closed network, as we know, selective distribution. It's not broad scale. We'll see.
We are certainly focusing on what are our competitive advantages in these circumstances.
Thank you. We currently have no further questions. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad, or alternatively, you can submit the question via the webcast. We have no further questions.
Okay. Well, thanks, Jamila. Thanks for helping us through the call. Thanks, everybody, for joining us. It's obviously an unusual time that we're all dealing in, including how we've made this presentation, but I hope it's been informative and helpful. Thanks to my colleagues who are here, who did most of the work in delivering the numbers and the presentation. We'll look forward to hearing from you all again soon. Thanks for joining us.
Thank you.