Luxury watch retailer Watches of Switzerland (WOSG) is one of the worst performers in the mid-cap FTSE 250 index over the last six months, with its shares falling by around a third.

The bulk of the share price losses came in January after the timepiece retailer downgraded full year 2024 revenue guidance by 8% at the mid-point of the range and reduced operating margin expectations to a range of 8.7% to 8.9%.

A volatile trading performance over the festive season and early 2024 prompting management to issue a cautious outlook for the rest of its financial year to the end of April 2024.

The shares ticked up in May after the company gave a more reassuring fourth quarter trading update.

Chief executive Brian Duffy highlighted good momentum in US sales which grew 14% year-on-year driven by an exceptionally strong performance of Rolex Certified Pre-Owned’ watches.

Full year group revenue grew 2% to £1.54 billion and adjusted operating profit is expected to be between £133 million to £136 million, down 19% year on year.

The company said it remains committed to its target of more than doubling sales and profit by the end of 2028. 

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