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Watches of Switzerland cuts revenue guidance amid 'volatile' trading
(Sharecast News) - Watches of Switzerland slashed its annual revenue guidance on Thursday, as demand for its luxury products fell amid the cost of living crisis, particularly in the UK, and said it expected volatile trading conditions to remain for the rest of its fiscal year. For full-year 2024 revenue was now expected to be between £1.53bn - £1.55bn, compared with an earlier forecast of £1.65bn - £1.70bn, the company said.
"Despite a positive start to the early part of the third quarter, WOSG then experienced a volatile trading performance in the run-up to and beyond Christmas, as the challenging macro-economic conditions impacted consumer spending in the luxury retail sector," the company said in a trading update on Thursday.
"We now expect these challenging conditions to remain for the balance of our fiscal year."
"Sales in the US remained strong with continued double-digit growth. The UK was more challenged, and this impacted a broad range of luxury watch brands and non-branded jewellery. There was an unusually high level of promotional activity in non-branded jewellery."
Chief executive Brian Duffy said the Christmas period was particularly volatile this year for the luxury sector, with consumers allocating spend to other categories such as fashion, beauty, hospitality and travel.
Reporting by Frank Prenesti for Sharecast.com
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