Full Year 2022 Watches of Switzerland Group PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Richard Michael Taylor - Barclays Bank PLC, Research Division - Analyst : Also a question on the pre-owned business. I see you've invested about GBP 20 million into pre-owned inventory. I don't know whether that's the total, but that's sort of 6% of the stock. So just wondering if you should follow over time that, that sort of amount of your earnings could come from the revenue you generate. So just any update in terms of the earnings power from that polar business? And then secondly, just speaking for an update in terms of the pipeline for acquisitions that you're looking at in the U.S. and Europe, actually used in another single site in the U.S., but just sort of thoughts on vendor attitudes there sort of what you might expect to achieve over the next 12 months from an M&A perspective?

Question: Daria Nasledysheva - BofA Securities, Research Division - Analyst : This is Daria from Bank of America. I actually have a couple of very quick questions. First one, could you please comment on your market share in the U.K. and the U.S.? Would you have any update on this metric? And my second one would actually be, do you believe there is any potential margin compression coming from non-supply-constrained brands to kind of similar to a move that Rolex did in the U.S., taking into account very fast growth in the brand sales price increases, et cetera?