Watches of Switzerland news and archive

Watches of Switzerland to close 16 showrooms, dozens of roles at risk

The Watches of Switzerland (WOS) Group has confirmed to the BBC that it is planning on closing 16 of its showrooms, putting “dozens” of roles at risk. The company, which is partnered with the likes of Rolex, Omega, Cartier and TagHeuer, said 40 people were “expected to leave the business”, with some staff to also be redeployed. In a statement to...

BusinessMember

Watches of Switzerland reaffirms FY25 guidance on strong Q3

Watches of Switzerland, the UK's leading retailer of Rolex and Omega watches, reported that third-quarter holiday trading in both the UK and US met expectations, reaffirming its full-year 2025 guidance. The company noted continued strong demand for key luxury brands, especially those on waitlists, exceeding supply in both markets. The UK market...

BusinessMember

Watches of Switzerland snaps up editorial platform Hodinkee

The Watches of Switzerland (WOSG) has set its sights on an expanded audience through the acquisition of Hodinkee, an editorial content provider for luxury watch enthusiasts. The move builds on an ongoing Long Range Plan at the group, which aims to “leverage existing growth opportunities by growing sector leadership online”. This latest...

BusinessFeaturedMember

Watches of Switzerland's FY24 revenues up but profit drops

Watches of Switzerland revenue of 1,538 million pounds, increased 2 percent at constant currency for the full year, and remained flat at reported rates, while the company reported a 40 percent decline in annual pre-tax profit to 92 million pounds. The company expects FY25 revenues to be in the range of 1.67 to 1.73 billion pounds, growth of 9 to...

BusinessFeaturedMember

Watches of Switzerland Q4 sales rise, "cautiously optimistic" about FY25

In the fourth quarter, revenue of 380 million pounds at Watches of Switzerland increased 4 percent at constant currency and 3 percent at reported rates, while luxury watches revenue rose 5 percent at constant currency and 3 percent at reported rates, with particularly strong performance in the US. Full year group revenue of 1,538 million pounds,...

BusinessMember

Watches of Switzerland issues profit warning despite ‘strong’ demand

Watches of Switzerland has outlined a more “cautious” outlook for the fiscal year of 2024 after it said it was expecting “challenging conditions” to continue for the remainder of the period. This comes despite a positive start to the early part of Q3 FY24, the company noted, after which it then went on to see a “volatile trading performance in...

BusinessMember

Watches of Switzerland records flat sales growth, profit drops

Watches of Switzerland revenues for the first six months of 2024 reached 761 million pounds, up 2 percent at constant currency and flat at reported rates. The company said in a statement that it witnessed continued growth in luxury watches with the reduction in the broader jewellery market reflecting temporary softer consumer sentiment and a...

BusinessFeaturedMember

Watches of Switzerland posts sales growth, maintains outlook

Second quarter revenue at Watches of Switzerland Group of 379 million pounds, rose 5 percent at constant currency and 1 percent at reported rates. The company continues to forecast revenue growth between 8 to 11 percent constant currency and revenues in the range of 1.65 to 1.70 billion pounds for fiscal 2024. Commenting on the trading update,...

BusinessMember

Watches of Switzerland posts record FY revenue as profits widen

Watches of Switzerland has hailed a record year for revenue, which was up 25 percent on a reported basis and 19 percent on a constant currency basis from the prior year. The London-listed group made revenue of 1.54 billion pounds in the year to April 30, with sales in its luxury watch division up 28 percent - and representing 87 percent of total...

BusinessMember

Watches of Switzerland Q3 revenue up 17 percent

Watches of Switzerland has reported revenue of 407 million pounds in the third quarter, up 17 percent from a year earlier, or up 12 percent at constant currency rates. Performance in the quarter was driven by the group’s luxury watches division, where demand continues to exceed supply. Luxury watches sales increased 22 percent year-on-year to...

BusinessMember

Watches of Switzerland reports increase in H1 revenue, profit

Watches of Switzerland has reported an increase in revenue and profit in the first half of the year. The London-listed group made revenue of 765 million pounds in the six months to October 30, up 31 percent from the prior year, or up 23 percent at constant exchange rates. It said it experienced continued strong demand across its luxury watches...

BusinessMember

Watches of Switzerland Q1 revenue up, but warns of potential challenges in H2

Watches of Switzerland has reported revenue of 391 million pounds in the first quarter ended July 31, up 25 percent at constant currency and up 31 percent at reported rates. Luxury watches revenue was up 32 percent to 342 million pounds, while luxury jewellery revenue grew 36 percent to 27 million pounds. Breaking it down by geography, revenue...