|
Watches of Switzerland Group PLC on Tuesday reported a strong start to its new financial year despite macroeconomic difficulties.
The luxury watch maker said trading momentum had been ‘strong’ in the 13 weeks to July 31, its first quarter, with demand for its products remaining ‘robust.’
Revenue grew 32% to £391 million in the quarter from £297 million the previous year, with a particularly strong performance in the UK.
Luxury watches accounted for 87% of revenue and grew 32% year-on-year while luxury jewellery grew by 36% against the prior year.
Looking forward, the firm was confident in the continuing strength of the luxury watches category despite a more challenging trading environment anticipated in the second half of its financial year.
Watches of Switzerland reaffirmed its full-year guidance with revenue expected between £1.45 billion and £1.50 billion and adjusted earnings before interest, tax, depreciation and amortisation expected to stay flat or grow by 0.5% against the previous year.
In the financial year ended May 1, revenue totalled £1.24 billion and adjusted Ebitda stood at £162.2 million.
Shares in the FTSE 250 firm were up 3.8% at 917.20 pence on Tuesday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
