Sales Up in US, Down in Europe, says WoS
August 16, 23
(IDEX Online) - Watches of Switzerland (WoS) has reported a 10 per cent hike in revenue from its US operation - but an 8 per cent drop in the UK and Europe.
Revenue across its 202 showrooms dipped slightly during Q1 2024 (to 31 July 2023), down 1 per cent to $485m at constant currency rates.
The UK-based business said demand for luxury watches remained robust and continued to exceed supply.
But it said it was not expecting any improvement and customer confidence, and its FY24 guidance remained unchanged at $2.1bn to $2.16bn.
Brian Duffy, CEO at WoS said in a trading update: "We have delivered a Q1 performance in line with our guidance and expectations, with ongoing strong progress in the US, where we delivered 10 per cent constant currency sales growth, and a performance in the UK and Europe that reflected the unwind of the product intake timing we benefited from in Q4 FY23."