FTSE 100 one day18 May 2022 08:36
Watches of Switzerland stated fourth-quarter group revenues had grown 48% year-on-year to £304.0m, with US revenues up 50% to £136.0m following the opening of its flagship store in Cincinnati, Ohio, while UK revenues shot up 47% to £168.0m.
For the year as a whole, group revenues were up 40% at £1.23bn, with US revenues growing 48% to £428.0m and UK revenues up 36% to £810.0m as luxury watch sales increased 36% year-on-year amid "very strong" demand for luxury watches in both the UK and the US, consistently exceeding supply. Luxury jewellery sales were up 86% on last year, reflecting "a strong market".
Watches of Switzerland expects adjusted pre-IFRS 16 underlying earnings for the year ended 1 May to be between £160.0m and £164.0m, up from £105.0m a year earlier, with an implied margin of 12.9-13.2%.
As far as the new year was concerned, the FTSE 250-listed firm guided towards full-year revenues of £1.45bn-1.5bn, while underlying earnings were expected to grow no more than 0.5% year-on-year.