(Alliance News) - Watches of Switzerland Group PLC on Thursday said a tougher-than-expected holiday period affected its quarterly sales.

The Leicester, England-based watch retailer, whose key brands include Rolex, Cartier and Patek Phillipe said that in the 13 weeks to January 28, its financial third quarter, revenue fell 2.5% to GBP397 million from GBP407 million a year earlier.

In the nine months to January, Watches of Switzerland's revenue dipped 0.9% to GBP1.16 billion from GBP1.17 billion a year ago.

It noted that "trading in the run-up to and beyond Christmas was tougher than originally expected, particularly in the UK amidst slower demand for luxury discretionary purchases."

The company added that trading conditions experienced in the third quarter of financial 2024 in the UK and US are expected to continue over the remainder of the fiscal year.

Looking ahead, Watches of Switzerland reiterated its previous guidance. In January, it forecast between GBP1.53 billion and GBP1.55 billion in revenue for the year, down from previous guidance of GBP1.65 billion to GBP1.70 billion but stable with GBP1.54 billion in financial 2023.

Shares in Watches of Switzerland shares were up 2.7% at 392.00 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.