Watches of Switzerland on track after 'broad-based' growth in H1

(Sharecast News) - Watches of Switzerland said it has been "encouraged" by first-half trading as it reiterated its full-year revenue and profit targets, helped by strong trading in the US and improving momentum in the UK. In an AGM trading update, the luxury watch retailer said demand was "broad-based" across its key brands over the 17 weeks to 30 August, with its core growth businesses - Luxury Jewellery, Certified Pre-Owned and Ecommerce - all contributing to growth.

Trading has been bolstered by the firm's showroom development programme, which includes two new locations in the US and two refurbishments in the UK. The rest of the showroom pipeline remains on track, it said.

"Our performance to date reinforces our confidence in achieving another year of strong revenue growth and a return to EBIT margin expansion," WOS said in a statement.

Revenues are expected to rise at 5-10% at constant currencies, while the adjusted EBIT margin is predicted to expand by 40-80 basis points.

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