Luxury goods retailer posts profit warning after ‘volatile’ Christmas

Leicester-based Watches of Switzerland has posted a profit warning after experiencing “volatile” trading conditions over Christmas.

The luxury products retailer says it expects the “challenging” trading conditions will remain for the rest of its financial year.

The company has therefore lowered both revenue and EBIT forecasts for its full-year 2024 results.

Brian Duffy, chief executive officer, said: “The 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. Whilst we are disappointed with this trend, we are encouraged by our market share gains in both the US and UK.

“I would like to thank our colleagues for continuing to provide high quality service and support to our clients against this challenging backdrop.

“We remain confident in the markets in which we operate, our model and the delivery of our Long Range Plan announced to the market in November 2023.”