Shares in Watches of Switzerland (LON: WOSG) surged 24 percent and surpassed pre-pandemic highs after continued strong growth.
With better than expected revenues for the 10 weeks of Q2 of £202.7m (20.2% on a constant currency basis), the group shown a surprising amount of growth against a difficult backdrop.
Given the better than expected performance, the group has upped its guidance for FY21, expecting revenue to be between £888m to £910m compared to previous guidance of £840m to £860m.
Commenting on the updated guidance was Brian Duffy, CEO of WOSG who added:
“Our guidance for the balance of the fiscal year assumes that the positive trend experienced in Q2 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 Q3. We do not assume any improvement in recent trends regarding the travel or tourist sectors.”
The share price of WOSG is currently trading at new-all time highs of over 400p.