REG - Watches of Switzlnd. - Trading Update

Watches of SwitzerlandAnnouncement

03/09/2024 07:00

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RNS Number : 6045C  Watches of Switzerland Group PLC  03 September 2024

3 September 2024

 

Watches of Switzerland Group PLC

Trading Update

 

 

Trading in line with expectations; on track to deliver FY25 guidance

 

Trading for the first 18 weeks of the financial year has been in line with our
expectations. We are on track to deliver our FY25 guidance as we make progress
against our Long Range Plan.

 

Demand for our key luxury brands, particularly products on Registration of
Interest lists, remains strong in both the UK and US markets, outstripping
supply, with consistent additions and conversions.  Over the period, we have
seen continued stabilisation of the UK market in both luxury watches and
jewellery following a period of challenging macroeconomic conditions in the
prior financial year. In the first half of FY25, we are increasing showroom
stock levels in the US to enhance displays and client experience. As
previously indicated, we expect US growth to be second half weighted.

 

Following the acquisition in May 2024, the integration of Roberto Coin Inc. is
progressing to plan. We have received positive feedback from the network of
retail partners, and sell-out data is encouraging. Looking ahead, we are
working closely with our new colleagues on exciting growth plans for the US
market. We intend to grow and develop the Roberto Coin brand and are actively
negotiating new mono-brand boutiques in the US, alongside concession models
with department store partners. In addition, luxury branded jewellery has also
performed well globally, and we are pleased to announce the exclusive launches
of David Yurman and Repossi in the UK. We have made good progress on our
Manchester luxury jewellery boutique, and it is anticipated this will open in
April 2025. This boutique will be the exclusive retail partner for a number of
luxury jewellery brands outside of London.

 

We have continued with our showroom development programme, with the opening of
Mappin & Webb Edinburgh and the new 2,000 sq. ft Patek Philippe room in
Betteridge Greenwich, Connecticut. We have made good progress on key projects
due to open in the second half of the year. These include the new flagship
Rolex boutique Old Bond Street, London (March 2025), Audemars Piguet
Townhouse, Manchester (Q4 FY25), conversion of Mayors Lenox, Atlanta to a
Rolex boutique (Q3 FY25) and the expansion of Watches of Switzerland Plano,
Texas to include a new Rolex agency (Q3 FY25).

 

Based on current trading, confidence of supply in both markets, increased
certainty on the timing of key showroom projects, and visibility of new
product launches, we have confidence in delivering our FY25 guidance as set
out at the FY24 results.

 

Reporting timetable

Half Year Results: 5 December 2024

 

Contacts

The Watches of Switzerland Group

Anders Romberg, CFO
 
 +44 (0) 207 317 4600

Caroline Browne, Group Finance and Investor Relations Director
              +44 (0) 116 281 7420

investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)

 

Headland

Lucy Legh / Rob Walker / Joanna Clark
                                      +44 (0) 20 3805 4822

wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer,
operating in the UK, US and Europe comprising six prestigious brands; Watches
of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors
(US), Betteridge (US), and Analog:Shift (US) with a complementary jewellery
offering. From 8 May 2024, the Group also owns the exclusive distribution
rights for Roberto Coin in the USA, Canada, Central America and the Caribbean.

 

As at 3 September 2024, the Watches of Switzerland Group had 221 showrooms
across the UK, US and Europe including 96 dedicated mono-brand boutiques in
partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet,
Grand Seiko, BVLGARI and FOPE and has a leading presence in Heathrow Airport
with representation in Terminals 2, 3, 4 and 5 as well as seven retail
websites.

 

The Watches of Switzerland Group is proud to be the UK's largest retailer for
Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.

www.thewosgroupplc.com (http://www.thewosgroupplc.com)

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