In an internal company address that 9to5Mac got a hold of, Apple Senior Vice President of Retail and Online Stores Angela Ahrendts noted that while everyone has been working really hard, there are several busy seasons coming up, including the holiday shopping season, Chinese New Year and "a new watch launch coming in the spring."
Spring officially starts on March 20th in the US, and reaches into June (just in time for WWDC). It's very likely Apple always intended to ship in March, but the "early 2015" teaser at the unveiling was a softer target. It certainly makes sense to have watches in the hands of developers in time for WWDC, however.
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