Business
Q2 FY22 Trading Update
Q2 FY22 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7204R\n Watches of Switzerland Group PLC\n 09 November 2021\n \n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n Q2 FY22 Trading\n \n \n for the 13 weeks (Q2 FY22) and 26 weeks (H1 FY22) to 31 October 2021\n \n \n \n \n \n Better than anticipated first half performance leads to upgrade in full year outlook\n \n \n US expansion strategy advanced with acquisitions of five stores agreed\n \n \n \n \n \n Watches of Switzerland Group PLC (\"the Group\") today provides the following update relating to the 13 and 26 weeks ending 31 October 2021. \n \n \n \n \n \n Strong performance achieved in H1 FY22, driven by broad-based and margin-enhancing growth in the UK and the US against both last year and two years ago\n \n \n · \n Group revenue £586.2 million (H1 FY21: £414.3 million) +44.6% vs H1 FY21 and +40.8% vs H1 FY20 (both in constant currency)\n \n \n o \n Continued strong demand environment for luxury watches and jewellery, with growth in the period led by a significant increase in volumes of non-supply constrained brands\n \n \n o \n Group ecommerce sales +28.7% on last year, despite stores having been fully opened in H1 FY22\n \n \n ·\n Robust UK performance continues to be generated by a thriving domestic clientele, with revenue £418.6 million +42.3% vs H1 FY21\n \n \n o \n Revenue +31.8% vs H1 FY20 when 33.6% of Group sales were generated by tourists and airports vs negligible tourist and much reduced airport business in H1 FY22\n \n \n ·\n Strong momentum in the US with revenue £167.6 million, +50.2% vs H1 FY21 and +66.7% vs H1 FY20 (both in constant currency)\n \n \n · \n Net cash[1] of £30.0 million as at 31 October 2021 (net debt as at 25 October 2020: £(22.7) million)\n \n \n · \n Following a strong sales performance with a margin-accretive product mix and further operating leverage, H1 FY22 Adjusted EBITDA[2] is expected to be £81.0 million to £83.0 million (H1 FY21: £52.2 million) \n \n \n ·\n As a result of first half performance and acquisition agreements, guidance for the full year has been raised\n \n \n \n \n \n US expansion strategy further advanced with agreements to purchase five stores in four new states[3]\n \n \n · \n Combined annual revenue of approximately $100.0 million; f...