Watches of Switzerland has held its FY25 guidance following “good trading” over the Christmas period in the UK and US.
The luxury retailer did not reveal details of its trading performance for the 13 weeks to 26 January 2025, but said that demand for key luxury brands had ”remained strong”.
Watches of Switzerland said that its performance was in line with expectations and it remained on track to deliver its guidance for 2025 – which projects full year revenue of between £1.67bn and £1.73bn and and increase in its adjusted EBIT margin expansion of +0.2 to +0.6 percentage points from the year prior.
The retailer said in a statement to markets: “Demand for our key luxury brands, particularly products on Registration of Interest lists, remains strong, outstripping supply in both the UK and US markets. We continue to be encouraged by the performance of our pre-owned businesses and the strong performance of the Roberto Coin brand in North America.
“Over the period, we have seen further stabilisation of the UK market in both luxury watches and jewellery, while the US market has seen continued momentum. In addition, our differentiated business model, alongside the continued investment in our showroom portfolio, has driven market share gains in both the UK and US.”
The retailer is in the midst of a showroom development plan representing an investment of between £60m-£70m. During the period Watches of Switzerland relocated and expanded stores in Mayors Tampa, Florida and Betteridge Vail, Colorado and Rolex agency relocations in Plano, Texas and Mayors Jacksonville, Florida and Mayors Lenox, Atlanta are set to complete in the fourth quarter.
At the start of next month, the retailer’s new flagship Rolex boutique in Old Bond Street in London will open, which it says will be a “major destination for Rolex in the UK market.”
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