Watches of Switzerland cuts annual revenue forecast as luxury demand wanes

(Reuters) - Luxury watches retailer Watches of Switzerland slashed its annual revenue guidance on Thursday, as consumers rein in spending and move away from splurging on luxury items.

For full-year 2024 revenue is now expected to be between 1.53 billion pounds ($1.94 billion) and 1.55 billion pounds, compared with its earlier forecast range of 1.65 billion pounds to 1.70 billion pounds, the company said.

($1 = 0.7877 pounds)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)