Watches of Switzerland retailer group sees the more “challenging” sales environment continuing for the next six months, before improving in the back half of its fiscal year.
Sales warnings? Watches of Switzerland's Knightsbridge flagship location featuring a new Rolex showroom
Data to watch going forward: the retailer said supply is the key metric for its success. “More than half of our business is driven by supply and you can never predict the exact timing” of deliveries, Duffy said earlier in anAlso holding back the luxury watch market has been declining prices in the secondary market, usually a signal of leaner times ahead in the luxury watch trade., which publishes a widely followed luxury watch Market Index, has seen values slip 21.
Nevertheless, Watches of Switzerland group says it is expanding, and will open new showrooms in the U.S. , and new “monobrand” boutiques for AP, Rolex, Tag Heuer, and Breitling.The retailer is forecasting better times ahead. The company sees FY 2024 revenue in the £1.65 - £1.70 billion range, implying growth of 8%-11% from the prior year, with adjusted EBIT margin percentage in-line with the year before.
This builds on recent success. In the most recent quarter that ended on April 30 , Watches of Switzerland sales climbed 22% from a year ago, with US sales up 27%.
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