Revenues and pre-tax profits declined at Watches of Switzerland Group in a “challenging market”. However, the luxury retailer’s chief executive said it moves forward with “strategic momentum”.
The listed company generated revenues of £1.53bn in the year to 28 April 2024, down from £1.54bn in 2023.
Pre-tax profits fell from £154.8m to £92.1m over the same period.
Chief executive Brian Duffy said: “I am proud of the performance that our team delivered this year in what was undoubtedly a more challenging market.
“We cemented our position as a leading international luxury watch and jewellery retailer and delivered further market share gains in both the UK and US, driven by our proven, differentiated business model. In particular, our US business went from strength to strength, growing 11 per cent per cent and will soon represent half of group sales.
“The UK market is starting to show signs of stabilisation. In FY24, UK and Europe sales were down 5 per cent impacted by significant price increases overall at a time of reduced consumer confidence influencing discretionary spending, and we see these pressures easing in FY25.”
The business continued to invest in showroom projects and strategic acquisitions, including 15 Ernest Jones showrooms purchased last November, and the acquisition of Roberto Coin Inc. post year end.
Duffy added: “We have an impressive programme of showroom developments on both sides of the Atlantic and our strongest ever pipeline of committed projects, which includes the flagship Rolex boutique on Old Bond Street, London, Audemars Piguet Townhouse in Manchester, Rolex boutique in Atlanta, Georgia and a Rolex anchored multi-brand in Plano, Texas.
“Our strategic momentum underpins our confidence in our FY25 guidance and Long Range Plan objectives of doubling sales and profit by 2028, capitalising on our leading market positions and the unique growth opportunities ahead.”