Yahoo Finance Watches of Switzerland shares surge as group says U.K. market is stabilizing
Investing.com -- Shares in Watches Of Switzerland Group (LON:WOSG) jumped on Thursday, touching their highest level since February, after the U.K.-based timepiece seller said it sees signs of stability in the British high-end luxury watch market.
In a statement, the company added that pressures from an inflation-linked downturn in consumer spending on pricier items, which dented sales in the U.K. and Europe in the 52 weeks ended on April 28, are easing heading into its 2025 fiscal period.
The seller of brands like Rolex and Cartier reported full-year adjusted earnings before interest and taxes of 135 million pounds, slipping by 18% year-on-year. But the figure was within the company's guided range of 133 million pounds to 136 million pounds and above consensus expectations of 134 million pounds.
For 2025, Watches of Switzerland reiterated its prior outlook for annual revenue of 1.67 billion pounds to 1.73 billion pounds, representing growth of 9% to 12% in constant currency.
"Investors should find comfort in an unchanged view for 24/25," analysts at Jefferies said in a note to clients.
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