Luxury Watch Retailer Expects Strong Performance Amid Challenging Trading Environment

  • Watches of Switzerland’s revenues hit £1.5bn in FY23
  • UK and Europe revenue increased by 10% to £890m
  • Luxury watch revenue rose 28%
  • Luxury jewellery and ecommerce revenue grew by 10% and 3% respectively
  • Adjusted pre-IFRS 16 EBIT expected between £163m and £167m, up from £130m in FY22
  • Q4 saw completion of several UK showroom development projects
  • Goldsmiths luxury format expanded and refurbished in Cabot Circus, Bristol and Lakeside, West Thurrock
  • Audemars Piguet to open an AP House in the UK via a Joint Venture partnership in Spring 2024

Watches of Switzerland has announced record revenues of £1.5bn for the year ending 30 April, with a 10% increase in UK and Europe revenue to £890m. The luxury watch sector saw a 28% rise, driven by average selling price and volume growth, while luxury jewellery and ecommerce sales increased by 10% and 3% respectively. The group anticipates its adjusted pre-IFRS 16 EBIT to be between £163m and £167m, up from £130m in FY22. Despite a more challenging second half of FY23, demand remains strong and exceeds supply. CEO Brian Duffy praised colleagues and shared plans for future showroom projects and partnerships, including an Audemars Piguet UK store opening in Spring 2024.

Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about Watches of Switzerland’s financial performance, including revenue growth, luxury watch and jewelry sales, and future plans for expansion. It includes quotes from the CEO that support the facts presented.
Noise Level: 2
Noise Justification: The article provides relevant information about Watches of Switzerland’s financial performance and expansion plans, with a focus on revenue growth and new partnerships. It offers insights into the company’s success and future goals. The content is informative and stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: Watches of Switzerland
Financial Rating Justification: The article discusses the financial performance of Watches of Switzerland, a luxury watch retailer, and its revenue growth. It also mentions the company’s expectations for future profitability and expansion plans.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme events mentioned in the article

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