Watches of Switzerland Group PLC (LON:WOSG) shares dropped on Monday as the retailer said it expects store closures to continue into its new financial year starting 27 April as the coronavirus pandemic takes its toll on the high street.
In an update, the watches seller said it shuttered its outlets in the US on 19 March, while the UK estate sees trading stop on Monday.
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The FTSE 250-listed retailer noted that revenue for the year to 26 April 2019 is estimated to come in at £809-812mln, up from last year’s £773mln.
In the seven weeks to 15 March, it added, sales were “ahead of expectations”, with like-for-like sales up 12% on 2019.
The firm noted that it has “significant financial headroom and liquidity” allowing it to manage through “a prolonged period of store closures”.
Shares fell 8% to 194.1p at the opening bell on Monday.