Shares in luxury watch retailer Watches of Switzerland (LSE: WOSG) edged up 1.9% by mid-morning trading despite the company reporting a 2.5% drop in quarterly sales amid a “tougher than expected” holiday period.
In a trading update on Thursday, the retailer of brands including Rolex and Patek Phillipe said revenue fell to £397 million in its fiscal third quarter ended January 28, down from £407 million a year earlier. It noted slower demand for luxury purchases in the UK and US. For the nine months to January, revenue dipped 0.9% to £1.16 billion.
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SSE share price dips despite reaffirmed guidance
The weaker trading is expected to continue, leading Watches of Switzerland to reiterate reduced full-year guidance of £1.53-£1.55 billion, though in line with last year’s £1.54 billion. But investors appeared unfazed by the update, with shares recovering slightly though still down 42.7% year-to-date.