Watches of Switzerland says the UK market is ‘stabilising’

Amid a harsh trading environment for many luxury groups, Watches of Switzerland’s group revenue inched up 2% on a constant currency basis to £1.54bn in the year to April 28. Adjusted EBITDA slipped 11% to £179m. 

While sales in the US advanced 11% over the year, in the UK there was a 5% fall as shoppers reined in discretionary spending in a tough economic environment.

However, the retailer expects pressure in markets including the UK to ease this year.

Chief executive Brian Duffy said: “I am proud of the performance that our team delivered this year in what was undoubtedly a more challenging market. We cemented our position as a leading international luxury watch and jewellery retailer and delivered further market share gains in both the UK and US.

“Our strategic momentum underpins our confidence in our guidance and long-range plan objectives of doubling sales and profit by 2028, capitalising on our leading market positions and the unique growth opportunities ahead.”