Watches of Switzerland shares down 32% today

[Notepad12]

What's the news I've missed today then? Screenshot_20240118-143213.jpg

Sent from my Pixel 7 Pro using Tapatalk

[derekhayden]

They lowered their guidance.

[Notepad12]

Originally Posted by derekhayden

They lowered their guidance.

Struggling to sell 'mid tier watches' and jewellery to blame apparently?

Sent from my Pixel 7 Pro using Tapatalk

[BraveBold]

Stubborn flippers / resellers resulting in an inventory glut of Patek, VC and to a lesser extent Rolex. There will be price capitulation at some point… and we’ll see less competition for new sales as well.

We’re already seeing it outside the low-production, stable demand SS Daytonas… the rest of the market will start to get hammered further as those resellers eventually take their losses and the retailers see people drop from many waitlists like flies in summer.

[0nly5iv3Digits]

Wow in 24 hours?! Yikes… didn’t know this was crypto-land :D

[Mccall86]

Rolex accounts for over half of WOS's sales. It'll be interesting to see what happens with the market this year

[walds11]

Roman of LB is hoping that WOS purchases his company. That’s why WOS shares are down

[Notepad12]

At today's close it's lost a total of 36.7%

Screenshot_20240118-181947.jpg

Sent from my Pixel 7 Pro using Tapatalk

[Notepad12]

Originally Posted by Mccall86

Rolex accounts for over half of WOS's sales. It'll be interesting to see what happens with the market this year

About 50-60% according to the latest article I managed to read

Sent from my Pixel 7 Pro using Tapatalk

[Notepad12]

Originally Posted by 0nly5iv3Digits

Wow in 24 hours?! Yikes… didn’t know this was crypto-land :D

It's been in decline for awhile and down to pre mid 2020 levels



Sent from my Pixel 7 Pro using Tapatalk

[Stupot]

WOS gave a stock exchange update today and had to revise all their figures down, this resulted in a circa 35% drop in their share price.

Interesting artical below which says the CEO pointed the finger at Rolex saying that their product mix, sending more steel rather than gold was what had caused their issues.

Can’t see Rolex being too happy with that, plus who is to say they would have been able to shift all the gold pieces now that money is tighter.

Rolex prioritising steel watch production prompts Watches of Switzerland profit warning
Mr Duffy explains that, while Rolex delivered the predicted number of watches to the retailer, the product mix was not what was expected. “We did not anticipate a drop in our average selling price,” he admits, adding that the company was previously receiving more gold and precious metal watches with higher price points, but is now being sent more steel.

https://www.watchpro.com/rolex-prior...rofit-warning/

[APPRF]

Maybe allowing tourists to buy again from WOS especially in the UK may help.

[brandrea]

Old news already

https://www.rolexforums.com/showthread.php?t=933136

[Stupot]

Originally Posted by brandrea

Old news already

https://www.rolexforums.com/showthread.php?t=933136

Ah, apologies, I didn’t see that or I would have tagged on.

My angle wasn’t so much the share drop, it was more the fact that WOS were being publicly critical of Rolex, which you would have to think is a touch unwise, plus the fact that it seems to reveal that Rolex has dialled down the supply of gold and ramped up the steel.

I thought both points were quite interesting and worthy of discussing.

[brandrea]

Originally Posted by Stupot

Ah, apologies, I didn’t see that or I would have tagged on.

My angle wasn’t so much the share drop, it was more the fact that WOS were being publicly critical of Rolex, which you would have to think is a touch unwise, plus the fact that it seems to reveal that Rolex has dialled down the supply of gold and ramped up the steel.

I thought both points were quite interesting and worthy of discussing.

Indeed they are


Sent from my iPhone using Tapatalk

[wm82]

Couldnt happen to a nicer bunch.

[ltmgeller]

What goes up must come down

[Notepad12]

WoS also pointed the finger at lower sales of unbranded jewellery and slower sales of mid tier watches.

Sent from my Pixel 7 Pro using Tapatalk

[HMHM]

LOL. So now WoS is apparently blaming Rolex for focusing on SS watches hence the lowered estimate. do they think people are that stupid?

If the market is good and every product is sold out immediately before it even hits the shelf, do they even need to change their guidance?

Just quit the BS WoS

[Notepad12]

Originally Posted by HMHM

LOL. So now WoS is apparently blaming Rolex for focusing on SS watches hence the lowered estimate. do they think people are that stupid?

If the market is good and every product is sold out immediately before it even hits the shelf, do they even need to change their guidance?

Just quit the BS WoS

They haven't solely blamed that.

Down tick in sales of unbranded jewellery and mid tier watches also.

Sent from my Pixel 7 Pro using Tapatalk

[enjoythemusic]

My sincere apologies, it's ALL my fault guys n' gals. Ya see, it's been a while since i got a call or text. i truly Pinky Promise to do better and get something in February. i swear :)

[enjoythemusic]

My sincere apologies, it's ALL my fault guys n' gals. Ya see, it's been a while since i got a call or text. i truly Pinky Promise to do better and get something in February. i swear :)

[Mr Ben]

Interesting. I bought some WoS on their last dip when the Bucherer news broke and sold them at Christmas. May have been good timing.

This does seem to be an odd thing to blame. Perhaps Rolex realised they should get their money in while the market is hot and PM was inevitably going to slow down first. That would be sensible.

Not too fussed for WoS - sold the holding and still awaiting my call - if they have plenty stainless steel, my phone should have rung by now!

[MSL]

Couldn't happen to nicer people

[Calatrava r]

There has been a lot of talk about Rolex PM models being harder to get and this statement from WOS confirms it.

[ColoradoTime]

Interesting read in Financial Times regarding Watches of Switzerland recent guidance which tanked the stock 33% - as it pertains to Rolex demand. Thought this crew would find it interesting.

https://www.ft.com/content/0fc667c3-...3-b07d45fa804f

[Dave O]

Unfortunately it appears you have to register in order to read the article, which I'm not going to do.

[ColoradoTime]

Originally Posted by Dave O

Unfortunately it appears you have to register in order to read the article, which I'm not going to do.

Wow. That is weird. I dont have a subscription, but I didnt have to pay to read it. When I clicked on the link that I posted - now, it wanted me to subscribe.

Just google "watches of Switzerland" and filter News. It will be second or third post and you can read for free without signing up. Interesting read.

[Patekfinder]

“Revenue for the company’s financial year is now expected to be between £1.53bn and £1.55bn, down from previous guidance of £1.65bn to £1.7bn”

Oh god, how are they going to feed their families and sleep at night?

[Patekfinder]

Almost there boys! Almost back to pre covid days!

LETS GOOOO!!!!!!!




Sent from my iPhone using Tapatalk