Watches of Switzerland, a prominent luxury-watch retailer, revealed its ambitious plan to more than double its sales and profits by fiscal 2028. The company has set its sights on surpassing the revenue milestone of £3 billion ($3.70 billion) by the end of fiscal 2028, with a primary focus on driving U.S. revenue growth. Additionally, Watches of Switzerland intends to expedite new showroom projects and explore mergers and acquisitions.
Driving this substantial increase will be a range of diverse projects scheduled between fiscal years 2024 and 2026, including a robust Rolex pipeline. The company also aims to more than double its adjusted earnings before interest and taxes by the end of the plan.
According to Watches of Switzerland, the group's current performance exceeds the expectations outlined in 2021, demonstrating its strength and promising future.
In its latest report, the group announced second-quarter revenue of £379 million, compared with £374 million during the same period last year. Notably, the increase was largely driven by an impressive 11% rise in U.S. market revenue, amounting to £165 million, while U.K. and Europe revenue remained consistent at £214 million.
The company remains confident in its sales and profit guidance for fiscal year 2024, taking into consideration their sequential trading improvement and the planned reopening of large showroom refurbishments ahead of the Christmas season.
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