By Michele Maatouk
Date: Tuesday 07 Nov 2023
LONDON (ShareCast) - (Sharecast News) - Watches of Switzerland surged on Tuesday as it reiterated full-year guidance, posted a jump in second-quarter revenue and outlined plans to more than double sales and profits by FY28.
In the 13 weeks to 29 October, group revenue ticked up 1% on a reported basis versus the same period a year earlier, to £379m. This was a 5% increase at constant currency.
UK and Europe sales were flat at £214m and US sales were up 4% on a reported basis at £165m.
The company said that demand for luxury watches remains "robust" and continues to exceed supply, while average selling prices continue to increase.
Chief executive Brian Duffy said: "I am pleased to report an improved Q2 trading performance, notwithstanding the difficult consumer environment.
"We sustained strong momentum in the US where we delivered +11% constant currency sales growth. We are also encouraged by the early response to the Rolex Certified Pre-Owned programme which launched in the UK in September, following the US launch in July, as clients react strongly to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents."
He said the UK performance was delivered despite the impact of several high turnover Goldsmiths and Mappin & Webb showrooms being closed for upgrade and trading from pop-up locations during the quarter. These will reopen pre-Christmas.
In a separate release, the luxury watch retailer announced plans to more than double sales and profits by FY28, and said it was aiming to surpass the £3bn revenue milestone.
The group also highlighted "multiple significant organic and inorganic growth opportunities across UK, US and Europe".
At 0950 GMT, the shares were up 8.7% at 563.87p.
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Currency | UK Pounds |
Share Price | 332.60p |
Change Today | 0.60p |
% Change | 0.18 % |
52 Week High | 773.00 |
52 Week Low | 332.00 |
Volume | 1,105,867 |
Shares Issued | 239.57m |
Market Cap | £796.81m |
RiskGrade | 202 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
18:29 | 300,507 @ 340.20p |
16:50 | 182,808 @ 337.10p |
16:35 | 277,368 @ 332.60p |
16:35 | 3,870 @ 332.60p |
16:35 | 1,536 @ 332.60p |
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