Watches of Switzerland reported higher sales and profits even as US duties on Swiss goods reached 39%.
Swiss luxury watch sales continued to rise in the US despite steep import tariffs, according to the group’s half-year results.
The UK-listed retailer, which leads national sales of Rolex, Omega, and Cartier, recorded £845 million (€967mn) in revenue for the 26 weeks to 26 October 2025.
Revenue grew 10% at constant currency and 8% at reported rates.
Adjusted EBIT increased to £69 million (€78.9mn), rising 6% at constant currency.
Statutory profit before tax surged 50% to £61 million (€69.78mn).
These numbers came even as US tariffs pushed up the cost of Swiss-made watches earlier this year.
Washington imposed a 39% tariff on 7 August 2025 before lowering the rate to 15% in November.
Demand for high-end Swiss watches still increased year-on-year despite the historically high rate.
US Buyers Drive the Company’s Strong Momentum
Chief executive Brian Duffy said the group “delivered a strong first half” with solid revenue, healthy profitability, strong free cash flow, and a strong return on capital employed.
The US market generated the standout performance.
Revenue there increased 20% at constant currency to £409 million (€467.8mn).
The US accounted for 48% of group revenue and 59% of adjusted EBIT.
Duffy called the region “the key driver of our performance” and highlighted broad-based demand across brands and categories.
He said the US now contributes almost 60% of total profitability.
Brands raised US prices to offset higher costs from tariffs, gold, and exchange rates, yet demand for core Swiss labels remained strong.
Luxury watches continued to anchor the business, providing 84% of group revenue.
The company said demand for major Swiss brands kept outstripping supply.
Client Registration of Interest lists kept expanding as the Rolex Certified Pre-Owned programme grew strongly in the US.
Growing Reliance on US Consumers Shapes the Outlook
The results underscored the sector’s dependence on American buyers.
UK and Europe revenue rose only 2% to £436 million (€498.87mn).
The US delivered growth across brands and price points, supported by new boutiques, ecommerce investment, and integration of US jewellery brand Roberto Coin.
Duffy said second-half trading started well and the group felt well positioned for the holiday season.
He expressed confidence in the company’s strength while remaining mindful of global economic and geopolitical risks.
