Watches of Switzerland reported rising sales and profits despite US tariffs reaching 39% on Swiss goods. The company emphasized that high-end watch and jewellery demand remains strong. Half-year results show Swiss luxury watch sales holding firm in the US, demonstrating resilient appetite for premium products.
Revenue and Profits Surge
The UK-listed retailer, the country’s largest seller of Rolex, Omega, and Cartier watches, recorded £845 million (€967 million) in revenue for the 26 weeks ending 26 October 2025. Revenue increased 10% at constant currency and 8% at reported rates. Adjusted earnings before interest and tax rose 6% at constant currency, reaching £69 million (€78.9 million). Statutory profit before tax jumped 50% to £61 million (€69.78 million).
The strong performance occurred despite sharply higher US tariffs on Swiss imports, which increased the cost of imported watches. Washington imposed a 39% tariff from 7 August 2025, later reducing it to 15% in November. Even with a 15% tariff, demand for top-tier Swiss watches grew year-on-year.
US Market Drives Growth
CEO Brian Duffy highlighted strong first-half performance, noting 10% revenue growth in constant currency, healthy profitability, strong free cash flow, and high return on capital. The US market led results, with revenue rising 20% at constant currency to £409 million (€467.8 million), representing 48% of group revenue and 59% of adjusted EBIT.
Duffy described the US as the key growth driver, with strong demand across brands and categories. Brands raised prices to offset tariffs, gold costs, and exchange rate fluctuations, yet core Swiss watch demand remained robust. Luxury watches made up 84% of group revenue, consistently exceeding supply, and client Registration of Interest lists continued to expand. The Rolex Certified Pre-Owned program also grew strongly in the US.
While UK and European revenue grew just 2% to £436 million (€498.87 million), the US showed broad-based growth across brands and price points. Investment in new boutiques, ecommerce, and integration of US jewellery brand Roberto Coin supported this growth. Duffy stated the group started the second half well and remained confident for the holiday season, while staying alert to economic and geopolitical risks.
