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
US1.
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.
1UK: GFK LTM to 30 November 2025; US: LWB LTM to 31 December
2025
Contacts
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
