FinancialsFeb 08, 2024
5 Things to Know About Pandora’s Latest ResultsFinancialsFeb 08, 2024
Watches of Switzerland’s Q3 Sales Dip Due to ‘Tough’ Holiday Season
While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
Watches of Switzerland’s store in the Mall of America in Bloomington, Minnesota. The company reported declining sales in the third quarter, with holiday sales lower than expected.
London—Watches of Switzerland posted declining sales in its third quarter following a difficult holiday season.
The retailer had warned of a potential sales dip in a trading update last month and lowered its full-year guidance.
While it had a positive start to Q3, which includes the months of November and December, it described conditions as “volatile” around Christmas.
“Trading in the run-up to and beyond Christmas was tougher than originally expected, particularly in the U.K. amidst slower demand for luxury discretionary purchases,” said the company.
For the third quarter ending Jan. 28, the company posted £397 million ($500.2 million) in total revenue, down 3 percent year-over-year at actual rates and 1 percent at constant currency rates.
For the first nine months of the year, revenue totaled £1.16 billion ($1.46 billion), down 1 percent year-over-year at actual rates and up 1 percent at constant currency rates.
The company’s luxury jewelry category struggled, with sales growth in luxury branded jewelry offset by a weaker performance in its non-branded jewelry segment.
Revenue in the category was down 18 percent in the quarter (down 16 percent at constant currency rates) and down 17 percent in the first nine months (down 15 percent at constant currency rates).
Luxury watches account for the majority of Watches of Switzerland’s revenue, up to 85 percent from 84 percent in the prior Q3.
Quarterly sales in the luxury watches category slipped 1 percent year-over-year (up 1 percent at constant currency rates) while sales in the first nine months were flat (up 2 percent at constant currency rates).
Watches of Switzerland’s “services/other” segment saw growth, up 4 percent in the quarter (up 5 percent at constant currency rates) and up 5 percent in the first nine months (up 6 percent at constant currency rates).
E-commerce sales fell 15 percent at actual rates, impacted by the mix of products and the U.K. market’s performance, said the company.
Related stories will be right here …
The retailer had warned of a potential sales dip in a trading update last month and lowered its full-year guidance.
While it had a positive start to Q3, which includes the months of November and December, it described conditions as “volatile” around Christmas.
“Trading in the run-up to and beyond Christmas was tougher than originally expected, particularly in the U.K. amidst slower demand for luxury discretionary purchases,” said the company.
For the third quarter ending Jan. 28, the company posted £397 million ($500.2 million) in total revenue, down 3 percent year-over-year at actual rates and 1 percent at constant currency rates.
For the first nine months of the year, revenue totaled £1.16 billion ($1.46 billion), down 1 percent year-over-year at actual rates and up 1 percent at constant currency rates.
The company’s luxury jewelry category struggled, with sales growth in luxury branded jewelry offset by a weaker performance in its non-branded jewelry segment.
Revenue in the category was down 18 percent in the quarter (down 16 percent at constant currency rates) and down 17 percent in the first nine months (down 15 percent at constant currency rates).
Luxury watches account for the majority of Watches of Switzerland’s revenue, up to 85 percent from 84 percent in the prior Q3.
Quarterly sales in the luxury watches category slipped 1 percent year-over-year (up 1 percent at constant currency rates) while sales in the first nine months were flat (up 2 percent at constant currency rates).
Watches of Switzerland’s “services/other” segment saw growth, up 4 percent in the quarter (up 5 percent at constant currency rates) and up 5 percent in the first nine months (up 6 percent at constant currency rates).
E-commerce sales fell 15 percent at actual rates, impacted by the mix of products and the U.K. market’s performance, said the company.
In the United States, sales were strong across all regions, it said, as it gains market share in the fragmented luxury watch market.
Watches of Switzerland’s U.S. revenue grew 3 percent year-over-year in Q3 (up 8 percent at constant currency rates). For the first nine months, U.S. sales grew 5 percent year-over-year (up 10 percent at constant currency rates).
Looking ahead, the company said it expects the challenging conditions to continue through the end of its fiscal year.
Watches of Switzerland’s full-year revenue is expected to range between £1.53 billion and £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.
As of Jan. 28, Watches of Switzerland had 222 showrooms across the U.S., U.K., and Europe, up from 211 in Q2.
More on Financials
The Latest
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
