London · Delayed Price · Currency is GBP · Price in GBX Watches of Switzerland Group Earnings Call Transcripts
Fiscal Year 2026
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Six strategic growth pillars drive strong revenue and profit growth, with the U.S. now the largest market. Pre-owned, e-commerce, and jewelry are key growth engines. Acquisitions and digital integration expand reach and profitability. Capital allocation is disciplined, with operational leverage and further high-return investments planned.
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Record FY 2026 sales rose 13% in constant currency, led by 24% U.S. growth, with adjusted EBIT up 6% and robust cash generation. Pre-owned, ecommerce, and luxury jewelry segments outperformed, and FY 2027 guidance targets 5–10% revenue growth and margin expansion.
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Sales grew 13% in constant currency to £1.83bn, with U.S. sales now over half of total revenue and strong growth in pre-owned and jewelry segments. FY 2027 guidance targets 5–10% sales growth and 40–80 bps margin improvement, driven by operational leverage and favorable market conditions.
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Q3 FY26 delivered strong sales and raised revenue guidance to 9%-11% growth, driven by robust US demand and strategic investments. EBIT margin is expected to decline 70-90 bps year-over-year due to margin adjustments and one-off costs.
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First half sales rose 10% in constant currency, led by 20% U.S. growth and strong e-commerce and luxury jewelry performance. Guidance for 6%-10% revenue growth is reiterated, with robust expansion, high free cash flow, and continued investment in showrooms and acquisitions.
Fiscal Year 2025
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Record sales and EBIT growth were driven by strong U.S. performance, showroom investments, and successful acquisitions. Guidance for FY2026 anticipates 6%-10% revenue growth, with margin pressure from tariffs and brand partner changes.
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H1 results met expectations with 4% sales growth at constant currency and strong Q2 momentum, especially in the U.S. Pre-owned and jewelry segments are key growth drivers, with major store projects and integrations supporting unchanged full-year guidance of 9%-12% revenue growth.
Fiscal Year 2024
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FY 2024 saw modest sales growth and market share gains, driven by strong U.S. performance and expansion in pre-owned and luxury jewelry. The group remains confident in its FY 2025 guidance and long-term plan to double sales, with major investments in showrooms and acquisitions fueling future growth.