Watches of Switzerland surpasses $1bn in US sales

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Its fast-growing US business has helped drive record revenues at the British hard luxury retailer.

Overall revenue grew by 8% to reach £1.6bn, with a 16% increase in US sales and 2% in the UK. The results are for the 52 weeks ending April 27, 2025.

The results were in line with market expectations, according to Watches of Switzerland, which bolstered its US business with the acquisition of jeweller Roberto Coin last May.

Adjusted EBIT increased by 12% in constant currency terms to £150m. Its operating profit of £114m was 5% lower than the year before in reported rates.

“As we look ahead, while we are of course remaining mindful of the broader macroeconomic and consumer environment, including potential US tariff changes, we remain confident in the strength of our diversified business model, our strong pipeline of showroom openings and growth projects, and the resilience of the luxury watch and luxury branded jewellery categories,” said Watches of Switzerland chief executive Brian Duffy.

Duffy said the company had seen the “external environment” in the UK “stabilise”. Last year’s results showed a 5% contraction in its UK and Europe business as the company felt the heat from the overall luxury slowdown.

Trading conditions this side of the Atlantic picked up notably in the second half of the year, with 6% growth in H2 versus a 1% sales drop in H1.

Luxury brands are closely watching the development in the tariff space. The group said in a statement that they are in “regular dialogue with our brand partners, but it is too early to comment on the potential sector impact of further changes.”