By Michele Maatouk
Date: Tuesday 16 Aug 2022
LONDON (ShareCast) - (Sharecast News) - Watches of Switzerland reiterated its full-year guidance on Tuesday as it reported a jump in first-quarter revenue.
Group revenue rose 31% from the first quarter a year earlier to £391m, with UK and Europe revenue up 8% at £239m, while the US saw a 100% jump to £152m.
In the UK, Watches hailed a "strong" performance against a particularly strong comparative, with the first quarter of 2021 having benefitted from de-stocking and pent-up demand as showrooms re-opened after the Covid lockdown.
The company said its performance remains driven by a "resilient" domestic clientele and pointed to an ongoing improvement in airport business as traffic recovers, with all airport showrooms now open.
Chief executive Brian Duffy said: "The first quarter continued with strong momentum throughout, and we carry this positive momentum into the second quarter. Despite the well-publicised concerns about the macro-environment, demand for our products remains robust with client registration of interest lists continuing to extend.
"The luxury watch market is dynamic with exciting developments on new products and marketing across a broad range of brands."
Watches reiterated its guidance for FY23 revenue of between £1.45bn and £1.50bn. The guidance "anticipates a potentially more challenging trading environment in the second half", it said.
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Currency | UK Pounds |
Share Price | 406.40p |
Change Today | 1.40p |
% Change | 0.35 % |
52 Week High | 756.00 |
52 Week Low | 325.00 |
Volume | 1,537,182 |
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Market Cap | £973.61m |
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Time | Volume / Share Price |
17:07 | 3,500 @ 406.40p |
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16:35 | 236 @ 406.40p |
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16:35 | 125 @ 406.40p |
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