Watches of Switzerland Group PLC's (LSE:WOSG) protests that Rolex’s acquisition of retailer Bucherer would have no impact on its business fell on deaf ears.
Shares fell 27% as investors begged to differ, especially as Rolex is one of the retailer’s best sellers and having it as a potential competitor might limit its legroom going forward.
A refrain from WoS that there is nothing to see is likely at tomorrow’s AGM but it might need to back that up with hard evidence to keep the mood of the meeting civil.
Revolution Beauty Group PLC's (AIM:REVB) spat with boohoo was anything but civil but is settled now and both companies will presumably want to move on quickly.
Some decent numbers from the make-up group might help, though finals tomorrow will be largely old news as they cover the period to end February 2023.
A trading update in June highlighted this year (to February 2024) had started well with March to May 2023 sales up 60% on the same time last year and gross margins improving to 48.2% from 41.7%.
Underlying earnings (EBITDA) at constant currency rates were £3.5 million, the company said, reversing from a £7.4 million loss a year ago, with cash on hand rising to £15.4 million.
Ex-dividends will knock 11.5 off FTSE 100 at the open.
Major announcements due Thursday
Interims: BBGI Global Infrastructure., Grafton Group PLC (ISE:GFTU), PensionBee Group PLC (LSE:PBEE), PPHE Hotel Group Ltd
Finals: Revolution Beauty Group PLC
Economic announcements: Nationwide House Price Index (UK), Continuing Claims (US), Initial Jobless Claims (US), Personal Consumption Expenditures (US), Personal Income (US), Personal Spending (US), Chicago PMI (US), Inflation (EU)
Ex-dividend to reduce FTSE 100 by: 11.48
US earnings: Signet Jewelers Ltd, Broadcom Inc, MongoDB Inc (NASDAQ:MDB)