Watches of Switzerland increases profit guidance as sales surge
Watches of Switzerland has increased its full-year profit guidance following “stronger than expected” sales performance during its second quarter.
The luxury watch retailer said it now expects EBITDA margins to advance between 1% and 1.5% compared with last year. It previously said margins would be flat year on year.
Full-year revenues are now forecast to come in between £880m and £910m, compared with its previous guidance of £840m to £860m.
The revised guidance comes after sales during the first 10 weeks of its second quarter – covering the 13 weeks to October 25 – surged 20% on a constant currency basis to £203m.
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