Business
Q2 FY23 Trading Update
Q2 FY23 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n 9 November 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Watches of Switzerland Group PLC\n \n \n \n \n Q2 FY23 Trading Update\n \n \n \n for the 13 weeks (Q2 FY23) and 26 weeks (H1 FY23) to 30 October 2022\n \n \n \n \n \n \n Strong broad based trading momentum through Q2\n \n \n \n \n Ongoing market share gains in UK and US\n \n \n \n \n FY23 guidance upgraded to reflect benefit of foreign exchange\n \n \n \n \n \n \n \n Brian Duffy, Chief Executive Officer, said:\n \n \n \n \n \"\n \n We are pleased to report another quarter of strong trading driven by broad based sales growth across our portfolio of world leading partner brands. Demand remained strong through the quarter and continues to exceed supply, with client registration lists extending as consumers respond to innovative new products, impactful marketing and elevated client service.\n \n \n \n \n \n \"The first half of the year has been a busy period of new showroom openings - including five showrooms at the iconic Battersea Power Station in London and additional mono-brand boutiques across the UK, US and now Europe - together with showroom refurbishments as we continue to invest to elevate the luxury experience for our clients.\n \n \n \n \n \n \"Our strong H1 performance underpins our full year guidance, which we have upgraded to reflect the benefit of foreign exchange movements. Looking ahead, we remain confident in our Long Range Plan objectives, supported by a strong pipeline of expansionary projects as we continue with our strategy of investing for growth.\"\n \n \n \n \n \n \n \n \n H1 FY23 Highlights:\n \n \n \n \n Group revenue £765 million (H1 FY22: £586 million) +23% at constant currency, +31% at reported rates\n \n \n \n ·\n Luxury watches +31% at reported rates to £667 million, representing 87% of revenue (H1 FY22: 87%) with growth driven by increases in average selling price and volume\n \n \n ·\n Luxury jewellery +38% at reported rates to £56 million as we continue to elevate our product offer and distribution\n \n \n ·\n Continued strong momentum in the US with revenue of £311 million (H1 FY22: £167 million), +60% at constant currency, +86% at reported rates with revenue growth excluding acquisitions +44% at constant currency\n \n \n ·\n Strong UK performance driven by domestic clie...