Watches of Switzerland reported rising sales and profits despite US duties reaching 39% on Swiss imports. The company emphasized that demand for luxury watches and high-end jewellery remains strong. Swiss watch sales in the US performed well during the first half of 2025, showing that affluent consumers continue to purchase top-tier products.
Financial Performance Highlights
The UK-listed retailer, Britain’s largest seller of Rolex, Omega, and Cartier, posted £845 million (€967 million) in group revenue for the 26 weeks ending 26 October 2025. This figure represents a 10% increase at constant currency and an 8% rise at reported rates. Adjusted earnings before interest and tax climbed 6% at constant currency to £69 million (€78.9 million). Statutory profit before tax surged 50% to £61 million (€69.78 million).
US tariffs sharply increased Swiss import costs earlier in 2025, with a 39% rate applied from 7 August. Washington and Bern later agreed to reduce the tariff to 15% in November. Despite the remaining high rate, sales of premium Swiss watches grew year-on-year. CEO Brian Duffy highlighted strong revenue growth, profitability, free cash flow, and return on capital employed.
US Market Drives Profitability
The US market drove performance, generating £409 million (€467.8 million), a 20% increase at constant currency, representing 48% of group revenue and 59% of adjusted EBIT. Duffy called the US “the key driver of our performance” and noted strong demand across brands and categories. Price increases in the US offset higher costs from tariffs, gold, and exchange rates, yet core Swiss brands continued selling well.
Luxury watches remained the company’s foundation, contributing 84% of total revenue. Key Swiss brands consistently exceeded supply, with rising registrations on client interest lists and strong growth in the Rolex Certified Pre-Owned segment in the US.
While UK and Europe revenue grew only 2% to £436 million (€498.87 million), the US showed broad growth across brands and price points, supported by new boutiques, ecommerce expansion, and integration of Roberto Coin jewellery. Trading in the second half started positively, and management expressed confidence heading into the holiday season while remaining mindful of economic and geopolitical risks.
