Watches of Switzerland shares plunge 32% after guidance cut

Watches of Switzerland shares dropped on Thursday morning after the luxury watch retailer revised its guidance for the 2024 fiscal year. The company cited volatile trading performance and challenging macro-economic conditions impacting consumer spending in the luxury retail sector. The revised guidance includes lower revenue expectations and a decrease in constant currency revenue growth. The U.S. market remains strong for the company, while the U.K. market faces challenges. Despite the stock drop, analysts maintain a positive outlook on the company’s long-term growth prospects.