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Business & Finance

Watches of Switzerland expects sales to rise 16-21pc in FY 2022

  • "Market conditions are going to be very favourable, there's a lot of money around and people want to go out, socialise, travel again," Brian Duffy said in an interview on Thursday.
  • "We are encouraged by the outlook, and management have a track record of prudent guidance," Barclays analysts said in a note, upgrading their price target to 825 pence from 625 pence.
20 May 2021

ZURICH: Luxury watch retailer Watches of Switzerland expects sales to grow 16-21% in its fiscal year 2022 as consumers have money to spend and want to treat themselves after more than a year of COVID-19 worries, its chief executive told Reuters.

"Market conditions are going to be very favourable, there's a lot of money around and people want to go out, socialise, travel again," Brian Duffy said in an interview on Thursday.

However, tourism and airport businesses are not expected to recover fully this year, he said.

Britain's biggest watch retailer, which acquired US jeweller Mayors in 2017, said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) to be flat to 0.5% higher in the new fiscal year, which is a week shorter than fiscal 2021.

"We are encouraged by the outlook, and management have a track record of prudent guidance," Barclays analysts said in a note, upgrading their price target to 825 pence from 625 pence.

Group revenue rose 17.9% in constant currency to 905.1 million pounds ($1.28 billion) in the 53 weeks to May 2, jumping by more than 80% in the final quarter as British consumers returned to the shops after months of lockdown. This was short of an estimate of 912.7 million pounds in a Refinitiv poll.

Sales grew 3.6% in the United Kingdom, where WoS is the largest retailer for Rolex, Cartier and Omega timepieces. They were up 38.5% in the United States.

Shares in the group fell 1.9% at 1110 GMT after hitting a record high on Wednesday.

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