FinancialsDec 05, 2023
Signet Jewelers’ Q3 Sales Down 12% FinancialsJan 23, 2024
Watches of Switzerland Slashes Guidance
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The retailer lowered its full-year guidance following a “volatile” holiday season and a challenging macroeconomic environment.
London—Watches of Switzerland is lowering its full-year guidance amid a slowdown in spending in the once red-hot market for luxury watches.
The retailer said it had a positive start to the third quarter of its fiscal year, which includes the months of November and December, but had “a volatile trading performance” before Christmas and beyond.
The company said it expects the challenging conditions to continue throughout the end of its fiscal year.
Watches of Switzerland’s full-year revenue is now expected to range between £1.53 billion to £1.55 billion ($1.94 billion to $1.97 billion), down from its prior guidance of £1.65 billion to £1.7 billion ($2.1 billion to $2.16 billion).
Constant currency revenue growth is forecast at 2 to 3 percent, down from 8 to 11 percent.
Related stories will be right here …
The retailer said it had a positive start to the third quarter of its fiscal year, which includes the months of November and December, but had “a volatile trading performance” before Christmas and beyond.
The company said it expects the challenging conditions to continue throughout the end of its fiscal year.
Watches of Switzerland’s full-year revenue is now expected to range between £1.53 billion to £1.55 billion ($1.94 billion to $1.97 billion), down from its prior guidance of £1.65 billion to £1.7 billion ($2.1 billion to $2.16 billion).
Constant currency revenue growth is forecast at 2 to 3 percent, down from 8 to 11 percent.
“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,” said CEO Brian Duffy.
“Whilst we are disappointed with this trend, we are encouraged by our market share gains in both the U.S. and U.K.”
In the United States, Watches of Switzerland’s sales continued to grow by double digits, though the U.K. market was “more challenged.”
Demand is still strong for its key brands, the company said, noting increases in its “Registration of Interest” lists, though it had to significantly mark down prices of its non-branded jewelry in order to move merchandise.
Watches of Switzerland will announce its third-quarter results on Feb. 8.
Editors' Picks
Sponsored by
More on Financials
The Latest
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
Weekly QuizJan 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ AnthologyThe artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity BallNine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy WatchMiss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds“Promise by Effy” includes fashion jewelry and engagement rings.
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 YearsThe Texas-based jeweler is closing all three locations.
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern ElementsZendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.
TrendsJan 07, 2025
Amanda’s Style File: January Is for GarnetGarnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.
MajorsJan 07, 2025
Jewelers for Children Promotes Round-Up Fundraising ProgramRetailers and vendors can ask customers to make a donation by rounding up to the next dollar at checkout.
