Watches of Switzerland reported rising sales and profits despite US duties reaching 39% on Swiss goods.
Swiss luxury watch sales stayed strong in the US even as tariffs pushed import costs higher.
The retailer, the UK’s largest seller of Rolex, Omega, and Cartier, posted £845 million (€967mn) in group revenue for the 26 weeks to 26 October 2025.
The figure rose 10% at constant currency and 8% at reported rates.
Adjusted earnings before interest and tax increased to £69 million (€78.9mn), up 6% at constant currency.
Statutory profit before tax jumped 50% to £61 million (€69.78mn).
These gains came even after the US raised tariffs on Swiss imports earlier in the year.
Washington imposed a 39% tariff on 7 August 2025 before reducing it to 15% in November.
Demand still grew for high-end Swiss watches, even with the historically elevated 15% rate.
US Growth Drives Company Momentum
Chief executive Brian Duffy said the company delivered a strong first half with rising revenue and steady profitability.
He highlighted solid free cash flow and high returns on capital employed.
The US market led the results with revenue climbing 20% at constant currency to £409 million (€467.8mn).
The region generated 48% of group revenue and 59% of adjusted EBIT.
Duffy called the US the key driver of performance, citing strong demand across brands and categories.
He noted that the region now accounts for almost 60% of company profitability.
Brands raised prices in the US to offset higher costs from tariffs, gold prices, and exchange rates.
Watches of Switzerland maintained that customer appetite for core Swiss brands stayed strong despite these increases.
Market Exposure and Future Outlook
Luxury watches remained the company’s foundation, contributing 84% of group revenue.
The retailer said demand for key Swiss brands continued to exceed supply.
It reported expanding Registration of Interest lists and strong US growth in its Rolex Certified Pre-Owned business.
The results underscored the company’s reliance on US consumers as UK and Europe revenue rose only 2% to £436 million (€498.87mn).
The US saw broad-based growth supported by new boutiques, ecommerce expansion, and the integration of US jewellery brand Roberto Coin.
Duffy said second-half trading started well and expressed confidence in performance heading into the holiday season.
He added that leadership remained aware of economic and geopolitical risks while issuing strong full-year guidance.
