By Iain Gilbert
Date: Thursday 07 Dec 2023
LONDON (ShareCast) - (Sharecast News) - Swiss watches retailer Watches of Switzerland reported a sharp drop in interim statutory profits on Thursday amid softer consumer sentiment and a repositioning to full-price sales in the US.
Watches of Switzerland reported statutory operating profits of £78.0m for the six months ended 29 October, down 16% on a reported basis.
Adjusted underlying earnings came in at £73.0m, ahead of previous guidance for adjusted EBIT in the range of £70.0m-72.0m but still down 15% year-on-year.
On the other hand, group revenues of £761.0m were up 2% year-on-year at constant currency rates, with continued growth in luxury watches offsetting a reduction in the broader jewellery market.
Group e-commerce sales were 3% lower than last year at constant currency against strong comparatives.
Expansionary capital expenditure rose from £27.0m to £48.0m, with 19 new showrooms opened and seven showrooms refurbished, while the group also swung from a net debt position of £26.0m a year ago to a net cash position of £16.0m at the end of the half.
As of 0915 GMT, Watches of Switzerland shares were down 3.36% at 633.45p.
Reporting by Iain Gilbert at Sharecast.com
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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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