Watches of Switzerland reported higher sales and profits despite US tariffs on Swiss imports. The company confirmed strong demand for premium watches and jewellery remains intact.
Half-year results show Swiss luxury watch sales in the US continue to grow, highlighting resilient demand for high-end products.
The UK-listed retailer, the nation’s largest seller of Rolex, Omega, and Cartier, recorded group revenue of £845 million (€967 million) for the 26 weeks ending 26 October 2025. Revenue rose 10% at constant currency and 8% at reported rates.
Adjusted earnings before interest and tax climbed to £69 million (€78.9 million), up 6% at constant currency. Statutory profit before tax jumped 50% to £61 million (€69.78 million).
This growth occurred despite US tariffs on Swiss imports rising sharply earlier in the year, which increased costs for Swiss-made watches. A 39% tariff applied from 7 August 2025 before authorities reduced it to 15% in November.
Even with a 15% tariff, historically high by standards, demand for the priciest Swiss watches increased year-on-year.
Strong US Market Performance
Chief executive Brian Duffy said the group “delivered a strong first half, with revenue up 10% in constant currency and solid profitability, along with strong cash flow.”
Revenue in the US rose 20% at constant currency to £409 million (€467.8 million), representing 48% of total revenue and 59% of adjusted EBIT.
Duffy highlighted the US as “the key driver of our performance, with strong demand across brands and categories,” noting the region accounts for nearly 60% of profitability.
The company increased US prices to offset higher tariffs, gold prices, and exchange rate fluctuations, but core Swiss brands continued to attract buyers.
Luxury watches made up 84% of total revenue, and demand for leading Swiss brands consistently exceeded supply. Registration of Interest lists expanded, and Rolex Certified Pre-Owned sales grew strongly in the US.
Global Exposure and Future Outlook
The results underscore Swiss watchmakers’ dependence on US consumers. While UK and European revenue rose only 2% to £436 million (€498.87 million), the US market delivered broad growth across all brands and price segments.
US growth benefited from new boutiques, ecommerce expansion, and the integration of US jewellery brand Roberto Coin.
Duffy said second-half trading started positively, with the group well positioned for the holiday season. Management remains aware of external economic and geopolitical factors while maintaining strong full-year guidance.
