Watches Switz Share News (WOSG)

(Alliance News) - Watches of Switzerland Group PLC on Thursday said it expects to meet full-year market expectations after sales growth picked up in the second half of the financial year.

In a trading statement, the Leicester, England-based watch retailer said revenue rose 7.1% to GBP1.65 billion in the 52 weeks to April 27 from GBP1.54 billion a year prior, or by 8% at in constant currency, in line with market expectations.

UK & Europe revenue rose 2% and US revenue increased 16% in constant currency, Watches of Switzerland said.

Demand for key luxury brands, particularly products on Registration of Interest lists, remains strong, outstripping supply in both the US and UK markets, the company added.

The figures show an improved performance through the financial year with revenue up 12% in the second half year-on-year, accelerating from 4% growth in the first half, at constant currency.

US revenue growth improved to 19% in the second half from 11% in the first half.

As a result, Watches of Switzerland expects full-year adjusted earnings before interest and tax to be in line with market expectations.

In the year that ended April 28, 2024, the company reported adjusted Ebit of GBP135 million.

Chief Executive Brian Duffy said: "As we look ahead, we remain confident in the strength of our business model, our strong pipeline of showroom openings and the resilience of the luxury watch category where demand for key brands continues to outstrip supply. We are of course mindful of the broader macroeconomic and consumer environment, including potential US tariff changes."

The group plans to announce full-year results on July 3.

Shares in Watches of Switzerland 4.3% to 410.80 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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