Business
FY24 Results
FY24 Results.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n27 June 2024\n\nWatches of Switzerland Group PLC\nFY24 Results\nfor the 52 weeks ended 28 April 2024\n \nContinued market share gains and strategic progress\nRe-iterating confidence in FY25 full year guidance and Long Range Plan targets\n \nBrian Duffy, Chief Executive Officer, said:\n\"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, driven by our proven, differentiated business model. In particular, our US business went from strength to strength, growing 11% and will soon represent half of Group sales.\n \n\"The UK market is starting to show signs of stabilisation. In FY24, UK and Europe sales were down 5% impacted by significant price increases overall at a time of reduced consumer confidence influencing discretionary spending, and we see these pressures easing in FY25.\n \n\"During the year, we continued to invest for high-quality growth across showroom projects and strategic acquisitions including the 15 Ernest Jones showrooms acquired last November, and the acquisition of Roberto Coin Inc. post year end, which dramatically accelerates our luxury branded jewellery strategy.\n \n\"We have an impressive programme of showroom developments on both sides of the Atlantic and our strongest ever pipeline of committed projects, which includes the flagship Rolex boutique on Old Bond Street, London, Audemars Piguet Townhouse in Manchester, Rolex boutique in Atlanta, Georgia and a Rolex anchored multi-brand in Plano, Texas.\n \n\"Pre-owned represents a significant opportunity for our Group, with pre-owned luxury watch sales doubling year-on-year in Q4 FY24. Within this category, the new Rolex Certified Pre-Owned programme is performing ahead of our expectations in both the US and UK and is set for further roll-out in FY25 with improved methods of supply in the UK.\n \n\"Our strategic momentum underpins our confidence in our FY25 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.\"\n \n\n\n\n\n \n£million\n\n\n52 weeks ended\n28 April 2024\n\n\n52 weeks ended\n3...