Watches of Switzerland reports record revenue of £1.8bn

Watches of Switzerland Group has reported record revenue of £1.82bn for the 53 weeks to 3 May 2026, representing a 13% increase in constant currency. 

The group’s US operations drove the majority of the growth, with revenue in the region rising 24% to $1.24bn (£920m).

It stated that the US market now accounts for more than half of the group’s total sales and profit. 

Meanwhile, performance in the UK improved during the second half of the year, with total domestic revenue rising 5% to £901m. 

Adjusted EBIT for the full year is expected to reach between £152m and £155m, exceeding previous company guidance.

Luxury watch sales increased 13% in constant currency to £1,500m, while luxury jewellery revenue rose 18% to £240m. 

The group noted that demand for key brands continues to outstrip supply in both the UK and US markets. 

Pre-owned sales also grew 22% year-on-year, supported by the ongoing rollout of the Rolex Certified Pre-Owned programme.

Strategic investment during the period included £67m in showroom projects. Key developments included the acquisition of Deutsch and Deutsch in Texas and the opening of a Mappin and Webb boutique and an Audemars Piguet House in Manchester. 

The group also reported a 21% increase in ecommerce revenue.

Looking ahead, the group stated that its FY27 guidance reflects current visibility of supply, pricing and margin from key brands and confirmed showroom refurbishments, openings and closures, and excludes uncommitted capital projects and acquisitions.

As a result, according to its FY27 52 week guidance, it expects revenues to reach between 5-10% in constant currency  and a 40-80bps adjusted EBIT margin expansion from FY26.  

The group also added that it remains mindful of the geopolitical environment and will continue to closely monitor the situation and any wider impact on global consumer sentiment, but has minimal direct exposure to the Middle East, or tourist consumers.

Chief executive Brian Duffy said: “The US continues to be the primary engine of growth, with revenue up 24% in constant currency to $1.24bn (£920m) and now accounts for over half of Group sales. This is a major milestone in the world’s largest and fastest growing luxury watch market, achieved in just over eight years from entering the US.”