Watches of Switzerland reported on Thursday that its interim statutory profit fell sharply due to weak consumer confidence and a repositioning of full-price sales in the United States.
Watches of Switzerland reported statutory operating profits of £78m for the six months to October 29, down 16% on reported figures.
Adjusted underlying earnings of £73 million were above previous guidance for adjusted EBIT of £70 million to £72 million, but still down 15% year-on-year.
On the other hand, group revenue was £761m at constant exchange rates, up 2% year-on-year, with continued growth in luxury watches offsetting declines in the wider jewelery market.
Group e-commerce sales were down 3% at constant exchange rates compared to last year, a strong comparison.
Expansion capital expenditure increased from £27m to £48m, with 19 new showrooms opened and seven refurbished, while the group’s net debt position also improved from a net cash position of £26m a year ago. £16m. Halftime ended.
