UK and European Sales Boosted by Airport Sales and New Showroom Openings

  • Watches of Switzerland reports a 23% increase in profits to £155m
  • Revenues up 25% to £1.5bn compared to £1.2bn in 2022
  • UK and Europe revenues rise 10% to £890m
  • Increase due to airport sales and new showroom openings
  • Adjusted EBITDA up 24% at £201m, adjusted EBIT up 27% at £165m
  • FY24 revenues expected between £1.65bn and £1.7bn
  • CEO Hugh Duffy praises new store performance in Stockholm and Copenhagen

Watches of Switzerland has announced a significant increase in profits and revenues for the year ended 30 April 2023, with profits up 23% to £155m and revenues rising 25% to £1.5bn compared to the previous year’s £1.2bn. The UK and European markets saw a 10% increase in revenue, driven by airport sales and new showroom openings. The company’s CEO, Hugh Duffy, praised the performance of its new stores in Stockholm and Copenhagen and expressed enthusiasm for future growth opportunities.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Watches of Switzerland’s financial performance, including profit increase, revenue growth, and expansion plans. It also includes relevant quotes from the CEO, making it a well-researched and objective report on the company’s progress.
Noise Level: 2
Noise Justification: The article provides relevant information about the financial performance of Watches of Switzerland, including profit increase, revenue growth, and expansion plans. It also includes quotes from the CEO that offer insight into the company’s outlook and strategy. The content is focused on the topic and supports its claims with specific numbers and figures.
Financial Relevance: Yes
Financial Markets Impacted: Watches of Switzerland’s increased profits and revenues impact the luxury goods sector, specifically watch retailers.
Financial Rating Justification: The article discusses the financial performance of Watches of Switzerland, a luxury watch retailer, which includes increases in profits and revenues. This information is relevant to investors and stakeholders in the luxury goods market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk