Watches of Switzerland Group Plc, the biggest retailer of Rolex watches in the UK, said demand for luxury timepieces is still solid despite price increases by some of the biggest brands.

Wait lists for the most in-demand timepieces are increasing and average selling prices are growing, Chief Executive Officer Brian Duffy said in a statement announcing full-year results.

The shares rose as much as 6.4% in early Swiss trading.

Swiss watch exports have continued to increase in 2023 after reaching a record of more than 24 billion francs ($27.8 billion) in 2022. China’s reopening has offset concerns about slowing demand in the US, the biggest market for luxury timepieces.

Watches of Switzerland reported sales of £1.54 billion ($2 billion) for its fiscal year ended April 30, matching analyst consensus estimates. The company reiterated its full-year forecast for 2024.

Earnings before interest, taxes, depreciation and amortization totaled £201 million, below analyst estimates.