{"id":11536,"date":"2024-01-18T11:01:16","date_gmt":"2024-01-18T11:01:16","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/watches-of-switzerland-warns-on-profits-as-luxury-slowdown-hits-christmas-sales\/"},"modified":"2024-01-18T11:01:16","modified_gmt":"2024-01-18T11:01:16","slug":"watches-of-switzerland-warns-on-profits-as-luxury-slowdown-hits-christmas-sales","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/watches-of-switzerland-warns-on-profits-as-luxury-slowdown-hits-christmas-sales\/","title":{"rendered":"Watches of Switzerland warns on profits as luxury slowdown hits Christmas sales"},"content":{"rendered":"

\"Retail<\/a><\/p>
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\"Watches<\/div>\n

Watches of Switzerland has slashed its sales and profit forecast for the year as consumers continue to rein in their spending on luxury items.<\/p>\n

The luxury watch retailer said it had a \u201cvolatile trading performance in the run-up to and beyond Christmas as the challenging macro-economic conditions\u201d continued to hit spending across the sector.<\/p>\n

It expects these challenging conditions to remain across its financial year, and lowered its sales forecast from \u00a31.65bn to \u00a31.7bn for the year to \u00a31.53 to \u00a31.55bn.<\/p>\n

Watches of Switzerland also warned that adjusted EBIT margin would fall from the 10.7% achieved last year to\u00a08.7% to 8.9% in its current financial year.<\/p>\n

The retailer said that despite double-digit growth for its US business, the UK was \u201cmore challenged\u201d due to an \u201cunusually high level of promotional activity in non-branded jewellery\u201d.<\/p>\n\n

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Watches of Switzerland\u2019s warning comes amid a slowdown in sales across the wider luxury market.<\/p>\n

Last week, Burberry lowered is profit guidance for the year after sales dropped 7% over the golden quarter while Mulberry\u2019s festive sales plunged 8.4%.<\/p>\n

Watches of Switzerland chief executive\u00a0Brian Duffy said:\u00a0\u201cThe festive period was particularly volatile this year for the luxury sector, with consumers allocating spend to other categories such as fashion, beauty, hospitality and travel.<\/p>\n

\u201cWhilst we are disappointed with this trend, we are encouraged by our market share gains in both the US and UK.\u201d<\/p>\n

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\"Retail<\/a><\/p>
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Watches of Switzerland has slashed its sales and profit forecast for the year as consumers continue to rein in their spending on luxury items. The […]<\/p>\n","protected":false},"author":1,"featured_media":11537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazines"],"_links":{"self":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/comments?post=11536"}],"version-history":[{"count":0,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/posts\/11536\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media\/11537"}],"wp:attachment":[{"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/media?parent=11536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/categories?post=11536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dmsretail.com\/RetailNews\/wp-json\/wp\/v2\/tags?post=11536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}