Business
Q3 FY23 Trading Update
Q3 FY23 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n \n \n \n 9 February 2023\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 Q3 FY23 Trading\n \n \n \n for the 13 weeks (Q3 FY23) and 39 weeks (9M FY23) to 29 January 2023\n \n \n \n \n \n \n Strong Q3 FY23 trading with reported revenue +17%\n \n \n \n \n Full Year Guidance reiterated\n \n \n \n \n \n \n \n Brian Duffy, Chief Executive Officer, said:\n \n \n \n \"I am pleased with our strong Q3 performance which is testament to our continued investment in leading showroom design, the strength of our brand partnerships, our scale, our dedication to omnichannel excellence, and our exceptional client service. I would like to thank all my colleagues for their ongoing dedication and hard work especially during the Holiday period. Demand remains strong and continues to exceed supply, with client registration lists growing. We exited the quarter with good momentum and are pleased to reiterate our full year guidance.\n \n \n \n \n \n \"Our expansion into Europe continued with the opening of our fifth mono-brand boutique, with OMEGA in\n Stockholm in the third quarter. Early trading remains positive, and we are excited to open our first mono-brand boutique in Dublin with TAG Heuer later this month.\n \n \n \n \n \n \"Looking ahead, we remain confident that our strategy will further enhance our leadership position as we continue to deliver on our Long Range Plan objectives.\"\n \n \n \n \n \n \n Financial Highlights:\n \n \n \n \n Q3 FY23 Group revenue £407 million (Q3 FY22: £348 million), +17% at reported rates, +12% at constant currency\n \n \n \n \n 9M FY23 Group revenue £1,172 million (9M FY22: £934 million) +25% at reported rates, +19% at constant currency\n \n \n \n ·\n Performance in the quarter was driven by luxury watches, where demand continues to exceed supply\n \n \n ·\n Q3 FY23 luxury watches +22% at reported rates to £340 million, representing 84% of revenue (Q3 FY22: 80%) with growth driven by an increase in average selling price and volume\n \n \n ·\n Q3 FY23 luxury jewellery (2%) at reported rates to £41 million, reflecting our continued focus on full p...