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    WOSG   GB00BJDQQ870

WATCHES OF SWITZERLAND GROUP PLC

(WOSG)
  Report
Delayed London Stock Exchange  -  11:35 2022-09-26 am EDT
776.00 GBX   -0.39%
09/01Watches of Switzerland Group plc Approves Election of Bill Floydd as Director
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08/29Swiss watchmakers remain upbeat ahead of Geneva gathering
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08/16UK's Trade Performance With US Weakens on Strong Dollar, Fuel Imports
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Watches of Switzerland more cautious after strong first quarter

08/16/2022 | 05:21am EDT
FILE PHOTO: A branch of Watches of Switzerland is seen in London

ZURICH (Reuters) - Luxury watch retailer Watches of Switzerland expects a potentially more challenging trading environment in the second half of its current financial year, it said on Tuesday, as tough economic conditions impact spending patterns.

"We're not really worried because so much of our business is driven by the supply," Chief Executive Brian Duffy told Reuters in an interview. "But we can't ignore that the world has a concern about economy, cost of living, inflation. It will impact consumer sentiment."

"We're pretty confident, but it's appropriate that we introduce an element of caution," Duffy added.

The Rolex retailer, which has long waiting lists for timepieces in short supply, confirmed it expects revenue in a range between 1.45 billion pounds ($1.8 billion) and 1.50 billion for its financial year through April 2023.

In the 13 weeks through July 31, group revenue rose 25% at constant currency rates to 391 million pounds, the company, which does about two thirds of its sales in Britain and one third in the United States, said in a trading update.

Duffy said the group was not facing significant inflation on its cost basis - mainly rents for stores and salaries - but brands had pushed through additional price increases this summer, on top of the 4%-5% announced earlier this year, taking the annualised rate of increase to around 7%.

He said the group's expansion to continental Europe was going well. It recently opened a boutique in Stockholm and has more openings in Scandinavian countries planned for the coming months.

Shares in Watches of Switzerland were up 3.3% at 913.67 francs by 0901 GMT, after rising as high as 946.5 francs, their highest in more than two months.

($1 = 0.8305 pounds)

(Reporting by Silke Koltrowitz; Editing by David Holmes)

By Silke Koltrowitz


© MarketScreener.com 2022
Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE FINANCIÈRE RICHEMONT SA 0.40% 96.56 Delayed Quote.-29.77%
WATCHES OF SWITZERLAND GROUP PLC -0.39% 776 Delayed Quote.-45.14%
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Analyst Recommendations on WATCHES OF SWITZERLAND GROUP PLC
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Financials
Sales 2023 1 532 M 1 658 M 1 658 M
Net income 2023 130 M 141 M 141 M
Net cash 2023 40,6 M 43,9 M 43,9 M
P/E ratio 2023 14,3x
Yield 2023 -
Capitalization 1 859 M 2 012 M 2 012 M
EV / Sales 2023 1,19x
EV / Sales 2024 0,99x
Nbr of Employees 2 486
Free-Float 94,8%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 776,00 GBX
Average target price 1 336,67 GBX
Spread / Average Target 72,3%
EPS Revisions
Managers and Directors
Hugh Brian Duffy Chief Executive Officer & Executive Director
William James Spencer Floydd Chief Financial Officer & Executive Director
Ian Russell Carter Non-Executive Chairman
Rosamond Mary Monckton Non-Executive Director
Teresa Colaianni Senior Independent Non-Executive Director