Trading Update
Despite a positive start to the early part of Q3 FY24, WOSG then experienced a volatile trading performance in the run-up to and beyond Christmas, as the challenging macro-economic conditions impacted consumer spending in the luxury retail sector. We now expect these challenging conditions to remain for the balance of our fiscal year.
Across the
In light of the recent challenging trading conditions and based on a more cautious view of the outlook for the remainder of the fiscal year, management is now providing revised full year guidance for FY24, which assumes no recovery in consumer demand and reflects discussions with key brands.
"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
"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
FY24 Guidance
Organic on a pre-IFRS 16 basis |
Previous Guidance |
Revised Guidance |
Revenue |
|
|
Constant currency revenue growth |
8-11% |
2-3% |
EBIT margin % |
In line with FY23 |
8.7% to 8.9% |
Total finance costs |
c. |
c. |
Underlying tax rate |
27% - 28% reflecting the increase in |
c28% |
Capex |
|
|
Operating cash conversion |
c70% weighted towards H2 in line with seasonal pattern |
c50% |
This announcement contains information which is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No.596/2014. Upon the publication of this announcement via the
public domain.
The person responsible for arranging the release of this information on behalf of the Company is
Conference call
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Q3 Trading Update
The Group will announce a Q3 Trading Update for the 13 and 39 weeks ended
A conference call for analysts and investors on the Group's Q3 Trading Update will be held at
The Watches of
Caroline Browne, Group Finance Director +44 (0) 1162 817 420
Headland
Lucy Legh / Rob Walker / Joanna Clark +44 (0) 20 3805 4822
The Watches of
As at
The Watches of
This announcement has been prepared by Watches of
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond the Company's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in this announcement and/or the information incorporated by reference into this announcement.
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