Business
Q1 FY24 Trading Update
Q1 FY24 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n10 August 2023\n\n \nWatches of Switzerland Group PLC\nQ1 FY24 Trading Update\nfor the 13 weeks to 30 July 2023\n \nFY24 guidance reiterated reflecting a strong year of growth\nQ1 Performance in line with expectations\n \nBrian Duffy, Chief Executive Officer, said:\n \n\"We have delivered a Q1 performance in line with our guidance and expectations, with ongoing strong progress in the US, where we delivered 10% constant currency sales growth, and a performance in the UK and Europe that reflected the unwind of the product intake timing we benefited from in Q4 FY23.\n \n\"Q1 saw us make good ongoing progress against our strategic growth priorities, including the opening of our new multi-brand showroom in American Dream, New Jersey, continued refurbishment and enhancement of our Goldsmiths Luxury, Mappin & Webb and Mayors portfolio along with further mono-brand expansions, all of which are trading in line with our expectations since opening. We also successfully launched the Rolex Certified Pre-Owned programme in the US in July 2023. Early performance has been encouraging as clients react positively to the authenticity and guarantee of quality that the Certified Pre-Owned seal represents. We are excited about this opportunity and are on track to launch our UK Rolex Certified Pre-Owned programme in September 2023.\n \n\"Looking ahead, we expect to return to more normalised growth rates in the balance of the financial year. Our full year guidance for another year of strong growth remains unchanged, underpinned by our supply visibility, client Registration of Interest lists and strong pipeline of showroom openings, refurbishment and investment, as luxury watch demand continues to outstrip supply. We look forward to presenting our Long Range Plan update in the Autumn, which will outline our growth ambitions to FY28.\"\n \n \n· Group revenue £382 million (Q1 FY23: £391 million), -1% at constant currency, -2% at reported rates\no Demand for luxury watches remains robust and continues to exceed supply, with consistent additions to client Registration of Interest lists and average selling prices continuing to increase\no Revenue in line with guidance, Q1 revenue primarily reflected unwinding of benefit of product intake in the UK in Q...