Watches of Switzerland Group has announced a significant uplift in its financial performance, revealing robust growth across its markets for the past half-year. The luxury watch retailer demonstrated particular resilience in the United States, where sales climbed sharply despite the imposition of import tariffs earlier in the year.
Strong Financial Performance Defies Geopolitical Headwinds
In its latest trading update, the group reported that total revenues increased by 8% to £845 million for the period, compared to the same timeframe a year earlier. This growth was notably fuelled by its operations across the Atlantic. Sales in the United States soared by 15% to £409 million, a performance that bosses said underscored the "continued robust demand for luxury watches and jewellery" in that key market.
Company executives stated they had observed "no significant change" in shopper behaviour since the initial tariffs were introduced, suggesting that affluent consumers have so far shrugged off the additional costs. The group also welcomed a recent bilateral agreement, finalised last month, which reduced the tariff rate on Swiss imports into the US from 39% to 15%.
UK Growth and Strategic Acquisitions
In its home market, the retailer also posted a steady increase. UK revenues rose by 2% to £436 million. When adjusted for temporary showroom closures, the underlying growth rate was a healthier 5%. The company's performance in the US was further bolstered by the successful integration of the Roberto Coin jewellery business, which it acquired last year.
Chief Executive Brian Duffy expressed confidence in the company's trajectory, noting that the second half of the financial year had started well. "Trading is in line with expectations, and we are well placed as we enter the holiday trading period," Duffy said on Thursday, 4 December 2025.
Confident Outlook for the Future
While acknowledging the broader economic and geopolitical landscape, the leadership team reiterated its full-year guidance for 2026. The positive update was welcomed by investors, with shares in Watches of Switzerland rising by 0.8% following the announcement.
"Whilst we remain mindful of the external economic and geopolitical environment, we are confident in the strength of our business and our differentiated offering," Duffy added. The company's results highlight the enduring appeal of luxury goods even in a climate of potential trade disruption.
