Revenue at Watches of Switzerland hit a record high for the full year amid a resurgence in demand for luxury products in the US and the UK, and the addition of Roberto Coin to its stable.
Group sales rose 7% to GBP 1.65 billion ($2.26 billion) for the 12 months that ended April 27, the UK-based company reported Thursday. Revenue in the UK and Europe went up 2% to GBP 866 million ($1.18 billion), as domestic purchasing picked up and the company opened a new Rolex boutique. Sales in the US climbed 14% to GBP 786 million ($1.07 billion), receiving a boost from the company’s acquisition of Roberto Coin last year. Profit for the period slipped 9% to GBP 53.8 million ($73.6 million).
Luxury watch sales increased 1% to GBP 1.35 billion ($1.85 billion), while revenue from jewelry grew 106% to GBP 211 million ($288.5 million).
Watches of Switzerland saw significant improvement in the second half, with sales up 12% year on year during the period.
“Our US business has continued its excellent momentum, surpassing $1 billion revenue for the first time, bolstered by the acquisition of Roberto Coin,” said Watches of Switzerland CEO Brian Duffy. “The UK has returned to growth as trading conditions have stabilized. We are increasingly excited about…Roberto Coin. Not only has it continued to trade well since acquisition, we see growing potential for this well-recognized brand in the large and growing US luxury branded jewelry market.”
The company expects revenue for fiscal 2026 to advance between 6% and 10% at constant currency rates, it said. The projected increase reflects a 10% tariff hike and takes into account higher pricing from its vendors due to those taxes. However, the retailer has said it will provide more detailed guidance once the tariff situation becomes clearer.
Image: A Watches of Switzerland store in the Mall of America. (Watches of Switzerland)
