Home Business Swiss shares plummet 28% after forecast cut

Swiss shares plummet 28% after forecast cut

by SuperiorInvest

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, Britain, Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc’s largest investors cut back its stake in the UK-listed watch retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: José Sarmento Matos/Bloomberg via Getty Images

Bloomberg | Bloomberg | fake images

Shares in Swiss Watches plunged 28% on Thursday morning at 8:15 a.m. London time, after the luxury watch retailer lowered its guidance for fiscal 2024.

“Despite a positive start to the first part of Q3FY24, WOSG experienced volatile business performance in the run-up to and following Christmas as challenging macroeconomic conditions impacted consumer spending in the luxury retail sector,” the company said. in a business update.

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

This is breaking news and will be updated shortly.

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