Watches of Switzerland’s revenue increased in the first half of its fiscal year, thanks to a strong performance in the US market.
Group sales rose 15% year on year to GBP 974 million ($1.29 billion) in the 26 weeks that ended November 1, the UK-based company reported Tuesday. Revenue in the US climbed 23% to GBP 501 million ($667 million), due to the acquisition of Deutsch & Deutsch, gains across luxury watch brands and strong jewelry sales, especially at Roberto Coin. Sales in the UK improved 9% to GBP 473 million ($629.7 million), with widespread gains across flagship boutiques and regional cities. The company also expanded its Rolex boutique in Glasgow, Scotland, and refurbished three Goldsmiths showrooms in Watford, Chelmsford and Exeter.
Overall sales improved 15% at constant currency rates, the company added.
“We have delivered a strong first-half performance, with group revenue up…despite an unsettled macroeconomic backdrop,” said CEO Brian Duffy. “This reflects the strength of our market position, the quality of execution from our teams, and enduring demand for luxury watches and jewelry.”
Luxury watches grew 15% to GBP 812 million ($1.08 billion), representing 83% of overall revenue. Sales of jewelry were up 20% year on year to GBP 123 million ($163.7 million).
The company’s results in the first six months were slightly ahead of expectations, prompting it to narrow its fiscal 2027 constant-currency revenue growth forecast to between 7% and 10%, the upper end of its previous range of 5% to 10%.
Image: Watches of Switzerland store in London. (Shutterstock)
