Watches of Switzerland Group has reported flat year-on-year sales in the UK of £215 million for the quarter ended October 30, but 11% growth in the United States with turnover of £165 million. The weaker pound trimmed the American growth at reported rates to 4%.
UK and European sales in the group’s second quarter were an improvement on the first quarter and bring the first half of the financial year to a close with sales down 4% year-on-year from £454 million to £433 million.
WoSG’s share price shot up at the opening bell in London from 531p to 599p — a three month high — before falling back to 560p by 9am.
America outpaced the UK and Europe.
Watches of Switzerland opened in the New Jersey retail and entertainment complex American Dream in October and added six monobrand boutiques to its network for Breitling and TAG Heuer.
WoSG has been part of the Rolex CPO program in the United States since July, and in the UK since September, and CEO Brian Duffy says the group is encouraged by the early response as “clients react strongly to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents”.
Despite a challenging first half to its current financial year, WoSG has not changed its forecast for the whole of FY2024, which ends next April.
Turnover for the year is expected to hit £1.65 to £1.70 billion, up 8% to 11% at constant currency, with profits flat year-on-year at £165 million.