Watches of Switzerland Group PLC on Thursday said a tougher-than-expected holiday period affected its quarterly sales.
The Leicester, England-based watch retailer, whose key brands include Rolex, Cartier and Patek Phillipe said that in the 13 weeks to January 28, its financial third quarter, revenue fell 2.5% to £397 million from £407 million a year earlier.
In the nine months to January, Watches of Switzerland’s revenue dipped 0.9% to £1.16 billion from £1.17 billion a year ago.
It noted that ‘trading in the run-up to and beyond Christmas was tougher than originally expected, particularly in the UK amidst slower demand for luxury discretionary purchases.’
The company added that trading conditions experienced in the third quarter of financial 2024 in the UK and US are expected to continue over the remainder of the fiscal year.
Looking ahead, Watches of Switzerland reiterated its previous guidance. In January, it forecast between £1.53 billion and £1.55 billion in revenue for the year, down from previous guidance of £1.65 billion to £1.70 billion but stable with £1.54 billion in financial 2023.
Shares in Watches of Switzerland shares were up 2.7% at 392.00 pence each in London on Thursday morning.
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