Watches of Switzerland reported rising sales and profits even with US tariffs on Swiss goods hitting 39%. The company emphasized that buyers still show strong interest in premium watches and jewelry. Half-year results revealed resilient demand for luxury timepieces in the US, indicating that high-end consumers remain active despite import costs.
Strong Financial Performance Across Key Markets
The UK-listed retailer, the largest seller of Rolex, Omega, and Cartier, recorded £845 million (€967 million) in revenue for the 26 weeks ending 26 October 2025. This represents a 10% increase at constant currency and 8% at reported rates. Adjusted earnings before interest and tax reached £69 million (€78.9 million), a 6% rise at constant currency, while statutory profit before tax surged 50% to £61 million (€69.78 million).
The company achieved these results despite the US government raising tariffs on Swiss imports to 39% from 7 August 2025, later reduced to 15% after negotiations with Bern. Chief Executive Brian Duffy highlighted the strong first-half performance, noting both revenue growth and profitability along with solid free cash flow and return on capital.
US Market Drives Growth and Profitability
Revenue from the US climbed 20% at constant currency to £409 million (€467.8 million), representing 48% of total revenue and 59% of adjusted EBIT. Duffy called the US the main driver of performance, praising robust demand across brands and categories. Watches of Switzerland raised prices in the US to offset higher tariffs, gold costs, and exchange rate shifts, yet core Swiss brands still sold strongly.
Luxury watches accounted for 84% of group revenue. The company reported ongoing growth in client interest, particularly in Rolex Certified Pre-Owned sales, and maintained strong demand exceeding supply for major Swiss brands. UK and European revenue rose only 2% to £436 million (€498.87 million), showing how heavily the business relies on US consumers.
The group invested in new US boutiques, e-commerce, and integrated the Roberto Coin jewelry brand. Duffy confirmed the second half started positively and expressed confidence in the business for the holiday season, while remaining cautious about economic and geopolitical risks.
