Watches of Switzerland Q4 sales rise 4%
As a result of this Watches of Switzerland expects its FY25 adjusted EBITDA to grow between 0.2-0.6%
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Watches of Switzerland has seen its group revenues jump 4% up to £380m for the 13 weeks ended 30 April.
The company saw its US sales rise 6% to £846m but its UK and Europe sales dropped 5% to £846m “impacted by macroeconomic conditions in the UK”.
It has stated that UK sales continue 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 Watches of Switzerland expects its FY25 adjusted EBITDA to grow between 0.2-0.6%.
CEO Brian Duffy said: “We are confident that our strategy, exceptional client service and strong brand relationships enables us to continue to drive growth and gain market share. We have seen growth in our Registration of Interest lists for sought after products, and exceptionally strong performance of pre-owned, particularly Rolex Certified Pre-Owned.
“Our acquisition of Roberto Coin Inc., the exclusive North American distributor of Roberto Coin, dramatically accelerates our luxury branded jewellery strategy, and we see enormous potential in bringing together this iconic brand with our retailing expertise.”
He added: “We enter FY25 with cautious optimism. We have a terrific programme of showroom developments on both sides of the Atlantic with the Rolex flagship boutique on Old Bond Street, London; a 3,000 sq. ft Rolex boutique replacing the Mayors multi-brand in Atlanta, Georgia; and our first Rolex showroom in Texas in Plano. We are also looking forward to the Audemars Piguet Town House and the Mappin and Webb luxury jewellery showroom both in Manchester, and the expanded Patek Philippe space in Greenwich, Connecticut.
“The inherent strength of the categories we operate in, coupled with our superior business model and retail expertise continues to set us apart. We remain focused on executing our Long Range Plan and are committed to the targets to more than double sales and Adjusted EBIT by the end of FY28.”
