Shares in Watches of Switzerland Group PLC (LSE:WOSG) fell 5% in the wake of its interim results, which revealed a 20% fall in statutory profits to £67 million.
While expectations for the rest of the year (which includes the crucial Christmas period) remain intact, there was this cautionary rider: "Our guidance does not reflect any expectation of an improvement in consumer confidence in the remainder of the financial year."
American bank Stifel said the figures contained no surprises as it repeated its 'hold' recommendation and 690p share price target.
Broker Peel Hunt added: "The shares may be a little reassured that guidance is being held, but they have done well into the statement, so we would expect an uneventful day: we still have concerns about the consumer and the long-term industry dynamics, so we will stick with a 'hold' rating."
At 8.13 am, the stock was down 35p at 620.5p.