REG - Watches of Switzlnd. - Q3 FY25 Trading Update

Watches of SwitzerlandAnnouncement

06/02/2025 07:00

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RNS Number : 0886W  Watches of Switzerland Group PLC  06 February 2025

6 February 2025

 

Watches of Switzerland Group PLC

Q3 FY25 Trading Update

for the 13 weeks to 26 January 2025

 

Trading in line with expectations; on track to deliver FY25 guidance

 

Trading over the Holiday period in both the UK and US was good, underpinning a
Q3 FY25 performance in line with our expectations. We remain on track to
deliver our guidance for FY25.

 

Demand for our key luxury brands, particularly products on Registration of
Interest lists, remains strong, outstripping supply in both the UK and US
markets. We continue to be encouraged by the performance of our pre-owned
businesses and the strong performance of the Roberto Coin brand in North
America. Over the period, we have seen further stabilisation of the UK market
in both luxury watches and jewellery, while the US market has seen continued
momentum. In addition, our differentiated business model, alongside the
continued investment in our showroom portfolio, has driven market share gains
in both the UK and US(1).

 

Strategic progress

The integration of the recent acquisitions of Hodinkee and Roberto Coin Inc.
is progressing well, and we are advancing a number of incremental growth plans
with these businesses.

 

We have continued with our showroom development programme, with the opening of
the relocated and expanded Mayors Tampa, Florida and Betteridge Vail, Colorado
showrooms in December 2024.  We have key incremental projects completing in
Q4 FY25, including the introduction of new Rolex agencies to our relocated
showrooms of Watches of Switzerland Plano, Texas and Mayors Jacksonville,
Florida, alongside the conversion of the Mayors Lenox, Atlanta showroom to a
3,000 sq. ft Rolex boutique.  At the beginning of March 2025, we will be
opening the new flagship Rolex boutique in Old Bond Street, London which will
be a major destination for Rolex in the UK market.

 

Refinancing

The Group's balance sheet continues to be strong. On 13 December 2024, the
Group refinanced its $115 million term loan facility which was originally
taken out to finance the Roberto Coin Inc. acquisition.  The new £150
million facility increases the Group's liquidity headroom by £50 million,
providing additional flexibility.

 

Outlook

Given our trading performance over the first nine months of the fiscal year,
visibility of supply in both markets, certainty on the timing of key showroom
openings, and expectations of new product launches, we remain confident in
delivering our FY25 guidance.

 

 

 

(1)UK: GFK LTM to 30 November 2025; US: LWB LTM to 31 December 2025

 

Contacts

 The Watches of Switzerland Group
 Anders Romberg, CFO                                                             +44 (0) 207 317 4600
 Caroline Browne, Group Finance and Investor Relations Director                  +44 (0) 116 281 7420
 investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)

 Headland
 Lucy Legh / Rob Walker / Scarlett Hateley                                       +44 (0) 203 805 4822
 wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer,
operating in the UK, US and Europe comprising seven prestigious brands;
Watches of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK),
Mayors (US), Betteridge (US), Analog:Shift (US) and Hodinkee (US), with a
complementary jewellery offering. From 8 May 2024, the Group also owns the
exclusive distribution rights for Roberto Coin in the USA, Canada, Central
America and the Caribbean.

 

As at 26 January 2025, the Watches of Switzerland Group had 217 showrooms
across the UK, US and Europe including 95 dedicated mono-brand boutiques in
partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet,
Longines, Grand Seiko, Roberto Coin, BVLGARI and FOPE and has a leading
presence in Heathrow Airport with representation in Terminals 2, 3, 4 and 5 as
well as seven retail websites.

 

The Watches of Switzerland Group is proud to be the UK's largest retailer for
Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.

www.thewosgroupplc.com (http://www.thewosgroupplc.com)

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