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Watches of Switzerland has announced that its revenues fell 1% on a constant currency basis £397m, down from £407m, for the 13 weeks ended 28 January 2024.
The company stated 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.
Luxury watch sales were up 1% at constant currency to £336m, representing 85% of its revenue, up from 84% in Q3 2022.
Luxury jewellery sales were down 16% at constant currency to £34m with growth in luxury branded jewellery offset by weaker performance in non-branded jewellery.
Group e-commerce revenue was down 15% on last year at reported rates impacted by the mix of products through this channel and performance of the UK market.
The company revealed that it saw UK and Europe revenue of £222m, down 7% from the £238m it posted in the same period last year.
It stated that its UK performance continues to be driven by domestic clientele with minimal return of tourist spending due to the lack of VAT free shopping.
As a result of this the company reconfirmed its guidance from its 18 January 2024 trading update.
It expects the trading conditions experienced in Q3 FY24 in the UK and US to remain the same in the remainder of the fiscal year.
