Watches of Switzerland hails ‘standout’ US performance

The luxury retailer saw sales increase 10% in constant currency to £845m, up 8% at reported rates for the 26 weeks to October 26, 2025. 

The retailer hailed a strong US performance as one of its key growth drivers during the period. Watches of Switzerland chief executive Brian Duffy said: “The US has been the standout performer, with sales up 20% in constant currency, driven by broad-based growth across brands and categories throughout the period.”

Revenue in the UK business increased by 2%, but 5% adjusting for showroom closures, while group ecommerce sales grew 16% on the same period last year. 

Watches maintained its full-year profit guidance, but warned of economic uncertainties, based on current tariff rates and consumer behaviour. 

An additional 39% tariff on Swiss watch imports was put in place in August 2025, but the retailer reported that there had been “no significant change to consumer behaviour” seen yet.

Duffy said: “We have delivered a strong first half, with group revenue up 10% in constant currency, showing continued momentum across the Group reflecting the strength of our business model, disciplined strategy execution, and improved market trends. 

“Our UK business performed well despite the challenges facing the UK high street, with revenue up 2%. The luxury watch market remains stable and our results demonstrate the quality of our brand portfolio and our focus on enhancing showroom productivity and client service. The flagship Rolex boutique on Old Bond Street, the largest in Europe, continues to exceed expectations. 

“We delivered strong momentum in the first half of the year and are well placed for the Holiday trading period. While we remain cognisant of economic and geopolitical uncertainties in the second half, including the impact of US tariffs, we are confident in delivering another year of strong sales growth and continued progress in consolidating our leadership in luxury watch and jewellery retailing.”