Business
Q4 FY23 Trading Update
Q4 FY23 Trading Update.
About this update from Watches Of Switzerland Group Plc
[{"type":"text","content":"\n\n17 May 2023\n\nWatches of Switzerland Group PLC\nQ4 FY23 Trading Update\nfor the 13 weeks (Q4 FY23) and 52 weeks (FY) to 30 April 2023\n \nStrong FY23 performance in line with guidance\nEntering FY24 significantly ahead of Long Range Plan\n \nBrian Duffy, Chief Executive Officer, said:\n\"FY23 was another record year of revenue and profitability, with revenue growth of 25% at reported rates (+19% at constant currency) and continued EBIT margin expansion. Although, as expected, the second half of FY23 saw a more challenging trading environment, demand remains strong and continues to exceed supply, with client registration lists continuing to grow. I would like to thank all my colleagues for their continued hard work and dedication.\n \nWe have an exciting pipeline of showroom projects, and I am delighted to announce the Group has signed a letter of intent with Audemars Piguet (\"AP\") confirming its intention to open an AP House in the UK in the region of St Anne's, Manchester, via a Joint Venture partnership in Spring 2024. This is an important expansion in our partnership with Audemars Piguet which has spanned more than 50 years and we look forward to what will be a great showroom for the city of Manchester. We also announce today our plan to open a flagship TUDOR mono-brand boutique at Old Bond Street, one of the most prestigious addresses in London, in Q4 FY24.\n \nWe enter FY24 significantly ahead of where we expected to be in our Long Range Plan following two years of exceptional performance and notwithstanding the macroeconomic backdrop. Our FY24 guidance assumes revenue growth of 8 to 11% at constant currency with EBIT margin in line with prior year. We remain confident in our goals to maintain our leadership position in the UK, become the clear leader in the US, and capitalise on our growth potential in Europe.\"\n \nFY23 Highlights\n· Group revenue £1,543 million, +25% at reported rates, +19% at constant currency on prior year:\no US revenue £653 million, +52% at reported rates, +35% at constant currency\no UK and Europe revenue £890 million, +10%\no Luxury watch revenue +28% driven by increases in average selling price and volume, demonstrating the continued dynamism of the category\no Luxury jewellery revenue +10%\no Group ecommer...