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Watches of Switzerland shares plunge 30% after guidance cut

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An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc’s biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images

Watches of Switzerland shares plummeted 28% on Thursday morning at 08:15 London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year.

“Despite a positive start to the early part of Q3 FY24, WOSG then experienced a volatile trading performance in the run-up to and beyond Christmas, as the challenging macro-economic conditions impacted consumer spending in the luxury retail sector,” the company said in a trading update.

“We now expect these challenging conditions to remain for the balance of our fiscal year.”

This is a breaking news story and will be updated shortly.

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