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Revenue at Watches of Switzerland rose for the full fiscal year amid a marked improvement in the US market, which now accounts for over half of group sales.
Sales increased 11% to a record GBP 1.83 billion ($2.44 billion) for the 53 weeks that ended May 3, the company said in a trading update last week. Revenue in the US jumped 18% to GBP 927 million ($1.24 billion), with broad-based, consistent sales growth across categories, brands, price points and regions. In the UK, sales rose 5% to GBP 901 million ($1.2 million), with strength in luxury and pre-owned watches, as well as improving momentum in jewelry in the second half of the year.
“The US continues to be the primary engine of growth…now accounting for over half of group sales,” said Watches of Switzerland CEO Brian Duffy. “This is a major milestone in the world’s largest and fastest-growing luxury watch market, achieved in just eight years from entering the US. In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewelry.”
Revenue for luxury watches grew 10% to GBP 1.5 billion ($2 billion). Meanwhile, jewelry sales climbed 14% to GBP 240 million ($319.8 million). Watches of Switzerland also has service-based operations, which comprise the remainder of group sales.
During the year, the company acquired a stake in Texas-based luxury watch and jewelry retailer Deutsch & Deutsch. Revenue from that share amounted to GBP 16 million ($21.3 million).
In fiscal 2027, the retailer expects revenue to grow between 5% and 10%, it said. Watches of Switzerland will report its full results for fiscal 2026 on July 14.
Image: A Watches of Switzerland store on Vanderbilt Street in New York. (Watches of Switzerland)
