Watches of Switzerland is on track for the full year after trading in line with expectations thanks to UK market 'stabilisation'

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Watches of Switzerland has reported trading in line with expectations for the start of the financial year as the demand for luxury watches and jewellery in both the UK and US steadied.

Watches of Switzerland told the City today that trading during the first 18 weeks of the financial year has been “in line” with expectations.

The luxury specialist said it is “on track” to meet its previously pledged guidance for 2025 as it continues to make progress against its ‘Long Range Plan’.

Watches of Switzerland hailed the “continued stabilisation of the UK market” during the period, across both luxury watches and jewellery, while demand remained “strong” in the US also.

The retailer said in a statement: “Over the period, we have seen continued stabilisation of the UK market in both luxury watches and jewellery following a period of challenging macroeconomic conditions in the prior financial year.

“In the first half of FY25, we are increasing showroom stock levels in the US to enhance displays and client experience. As previously indicated, we expect US growth to be second-half-weighted.”

The luxury retailer said the integration of US jeweller Roberto Coin is “progressing to plan” following its acquisition of the business in May this year in a $130m (£104m) deal.

Watches of Switzerland added that it intends to “grow and develop” the Roberto Coin brand moving forward as it continues on an upward growth trajectory in the US more generally.

During the period, the retailer also continued to make progress on its showroom development programme with the opening of Mappin & Webb in Edinburgh as well as a 2,000 sq ft Patek Philippe room in Betteridge Greenwich, Connecticut.

New stores including a Rolex boutique flagship on Old Bond Street, London and the Audemars Piguet Townhouse, Manchester are expected to open during the second half of the year among other store conversions and expansion projects.

In terms of outlook, Watches of Switzerland added: “Based on current trading, confidence of supply in both markets, increased certainty on the timing of key showroom projects, and visibility of new product launches, we have confidence in delivering our FY25 guidance as set out at the FY24 results.”