Watches of Switzerland said it is on track to achieve its 2025 guidance following “continued stabilisation of the UK market”.
In an update this morning, the luxury retailer reported trading for the first 18 weeks of its financial year has been “in line with expectations”.
Demand for its key luxury brands “remains strong” in both the UK and US markets, “outstripping supply, with consistent additions and conversions”.
The business noted it has experienced “continued stabilisation of the UK market in both luxury watches and jewellery following a period of challenging macroeconomic conditions in the prior financial year”.
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In January, Watches of Switzerland issued a profit warning after a tough Christmas but said it is now making “good progress” on key projects due to open in the second half of the year.
The group has outlined plans to open a Manchester luxury jewellery boutique in April next year, alongside several other showroom openings in the UK and US, including a new flagship Rolex boutique London’s Old Bond Street.
Watches of Switzerland added: “Based on current trading, confidence of supply in both markets, increased certainty on the timing of key showroom projects, and visibility of new product launches, we have confidence in delivering our FY25 guidance as set out at the FY24 results.”
Back in June, the group said it was cautiously optimistic about its new financial year despite reporting a decline in annual pre-tax profit in the year to 28 April.
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