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Here’s Why Watches of Switzerland Share Price Skyrocketed 24% Today

Nigel Frith Nigel Frith
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WATCHES OF SWITZERLAND

Shares of Watches of Switzerland Group (LON: WOSG) skyrocketed over 24% to record fresh all-time highs after the company raised full-year guidance. 

The retailer reported it expects its revenue to come between £880 million to £910 million. This is higher than the previous projection of £840 million to £860 million. 

“Our guidance for the balance of the fiscal year assumes that the positive trend experienced in the second quarter will be moderated by the impact of pandemic related retail disruption in the UK and the US and uncertainty in the US economy, impacting mainly in the third quarter,” said Watches of Switzerland chief executive Brian Duffy in a trading update.

Watches of Switzerland saw its revenue rose by 20% to £202 million in the 13 weeks to October 25 on the back of strong domestic sales. 

The company will use higher sales to reduce net debt to an £80 million – £100million region, instated of £90 million to £110 million.

Watches of Switzerland share price prints fresh highs on higher sales and raised guidance October 2020

Watches of Switzerland share price rose nearly 25% to 414.5p this morning in London to record the fresh all-time high. 

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Nigel Frith
Nigel Frith
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.

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