Connect with us

Hi, what are you looking for?



Watches Of Switzerland’s Profits Drop Because Of Falling Sales In UK Market

Image Source: @ShutterStock

Watches of Switzerland has seen a 20% drop in half-year profits as consumers reduce spending on luxury items due to high inflation.

The luxury watch retailer’s statutory pre-tax profits fell to £67m in the 26 weeks to 29 October 2023, down from £83m last year, although its adjusted EBIT of £73m was higher than previous guidance.

During this period, sales for Watches of Switzerland remained flat at £761m, with a 5% growth in US revenue (or 11% on a constant currency basis) offsetting a 4% decline in the UK and Europe.

US sales now account for 43% of its total revenue.

Chief executive Brian Duffy stated, “The consumer environment in the UK continues to be more challenging and UK and Europe revenue was down 4% in the period, impacted by the timing of product intake in the first quarter and temporary showroom closures for refurbishment.” Duffy also expressed confidence in meeting the full-year guidance, with expectations for a stronger second half due to the reopening of several high-revenue showrooms.

Image Source: @ShutterStock

You May Also Like


Most people in the world require a job to fulfill their basic necessities and build simultaneously to live to the fullest. It may take...


Now, the knitwear trend seems limitless with many possibilities, which makes shopping for comfort staples one of the highlights of our winter wardrobe piece....


Get ready for the new Fall/Winter 2021 collection from Charles & Keith and we already have our favorites. Charles & Keith are excited to...


It’s just blinked and a year has passed and we can’t believe that Christmas is around the corner. When you see a necklace, earring...