Watches of Switzerland raises guidance after strong UK performance
Watches of Switzerland Group has raised its guidance for the full year following improved revenues, increasing product demand and robust UK performance.
The company is now expecting revenues of £1.15-£1.20bn for the full-year, an upgrade on previous estimates of £1.05-£1.10bn.
The watch vendors told investors on that group revenues rose by 44.6 per cent to £586.2 million for the six months to October 31, compared with the same period last year.
It has also decreased its net debt estimates by as much as 50 per cent.
The group now expects net debt to remain between £10-£20m, a sharp decline from £20-30m previously predicted in earlier trading updates this year.
The UK performance also continues to improve, with revenue rising 42.3 per cent to £418.6m compared to first half results for the previous full-year.
The company is also reporting strong momentum in the US with revenue rising to £167.6m, a 50.2 per cent increase compared to first half results in the 2021 financial year.
It has now bought five new stores in Texas, Colorado, Connecticut, and Minnesota.
Brian Duffy, chief executive officer, said: “The strength of our performance, both in our well-established UK business and in our growing US business, coupled with our confidence in the luxury watch and jewellery categories has led us to upgrade our guidance for the full year. We are well stocked for the holiday period and look forward to providing an exceptional shopping experience for our customers.”