Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Watches of Switzerland Q3 revenues dip

(Sharecast News) - Watches of Switzerland reported a dip in third-quarter revenues on Thursday as it said consumers in the UK and Europe were choosing to spend their disposable income on other categories such as fashion and beauty. Group revenue nudged down 1% to £397m, with revenue in the UK and Europe 7% lower at £222m. The luxury watch retailer said challenging macroeconomic conditions in the UK had dented consumer spending in the luxury retail sector, impacting luxury watches and particularly non-branded jewellery, where there was an unusually high level of promotional activity.

In addition, consumers opted to allocate their discretionary spend to other categories, such as fashion, beauty, hospitality and travel.

Watches said its UK performance continues to be driven by domestic clientele, with a "minimal" return of tourist spending due to the lack of VAT-free shopping.

The performance in the US was better, however, with revenues up 8% at £175m and sales remaining strong across all regions. Watches said it was gaining market share in the "fragmented" luxury watch market there.

Share this article

Related Sharecast Articles

Agronomics investee Solar Foods raises EUR 8m
(Sharecast News) - Cellular agriculture investor Agronomics announced on Friday that its portfolio company Solar Foods had raised an additional €8m through Finnish investment organiser Springvest.
Berenberg hikes target price on Greggs
(Sharecast News) - Analysts at Berenberg raised their target price on bakery chain Greggs from 3,550.0p to 3,990.0p on Friday as it noted that customer appeal had broadened as its market share was expanding.
Thousands of UK firms fighting for survival - Begbies Traynor
(Sharecast News) - More than half a million UK business are fighting for survival, according to an industry research published on Friday, weighed down by the weak economy.
Thruvision FY24 adjusted underlying losses widen
(Sharecast News) - Security technology business Thruvision said on Friday that adjusted underlying losses had widened in FY24 as revenues fell.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.