Revenue at Watches of Switzerland rose for the full year as US consumers spent in force following a brief pause after the initial tariff announcement.
Group sales rose 7% to GBP 1.65 billion ($2.21 billion) for the 12 months that ended April 27, the UK-based company reported last week. Revenue in the UK and Europe grew 2% to GBP 866 million ($1.16 billion), while sales in the US increased 14% to GBP 786 million ($1.05 billion), with strong demand, particularly in the second half of the year.
“In the US, following a temporary period of consumer uncertainty in response to the initial tariff announcement, we have seen a return to normalized trading patterns in April,” the company explained. However, it tempered that statement with a warning about a potential fallout once the tariff pause is over. “We are cognizant that the US tariff situation is currently unresolved, making it more difficult to predict future US trading patterns.”
Group sales for the second half were up 12% to GBP 867 million ($1.16 billion), well ahead of the first half’s 3% increase. Revenue surged 18% in the US for the last six months of the fiscal year and rose 6% in the UK.
During the period, Watches of Switzerland expanded its Rolex offering, opening a new flagship boutique on Old Bond Street in London, which has since exceeded expectations, it said. It also launched several locations in the US, including its first in Plano, Texas, and one in Jacksonville, Florida, as well as the conversion of a Mayors store in Atlanta into a 3,000-square-foot Rolex store.
“As we look ahead, we remain confident in the strength of our business model, our strong pipeline of showroom openings and the resilience of the luxury watch category where demand for key brands continues to outstrip supply,” the company said. “We are of course mindful of the broader macroeconomic and consumer environment, including potential US tariff changes.”
Watches of Switzerland will report its full results for the 2025 fiscal year on July 3, it added.
Image: A Watches of Switzerland-owned Betteridge store in Vail, Colorado. (Watches of Switzerland)
