Watches of Switzerland posted higher sales and profits even with US duties reaching 39% on Swiss goods.
The company emphasized that buyers continue to seek high-end watches and jewellery.
Swiss luxury watch sales remain robust in the US despite high tariffs, according to half-year results from the Watches of Switzerland Group.
The report shows strong demand for premium Swiss products.
The UK-listed retailer, the country’s largest seller of Rolex, Omega, and Cartier, reported £845 million (€967mn) in group revenue for 26 weeks ending 26 October 2025.
Revenue rose 10% at constant currency and 8% at reported rates.
Adjusted earnings before interest and tax increased to £69 million (€78.9mn), up 6% at constant currency.
Statutory profit before tax jumped 50% to £61 million (€69.78mn).
US Market Drives Performance
The company achieved these results despite sharp US tariffs on Swiss imports earlier this year.
Washington imposed a 39% tariff on 7 August 2025, later reduced to 15% in November.
Even with a 15% tariff, demand for high-priced Swiss watches grew year-on-year.
CEO Brian Duffy said the company delivered strong revenue growth, profitability, free cash flow, and return on capital.
Revenue in the US rose 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 US “the key driver of our performance, with strong demand across brands and categories.”
The region now contributes nearly 60% of profitability.
The company raised US prices to offset tariffs, rising gold prices, and exchange rates, yet demand for core Swiss brands remained firm.
Luxury Watches Maintain Core Strength
Luxury watches represented 84% of total group revenue.
The company reported sustained high demand for key Swiss brands, with supply consistently falling short of interest.
The client Registration of Interest lists expanded, and the US Rolex Certified Pre-Owned segment grew strongly.
These results underline the reliance of Swiss watchmakers and retailers on the US consumer.
Revenue in the UK and Europe grew only 2% to £436 million (€498.87mn).
In contrast, the US showed broad-based growth across brands and price points, supported by boutique expansion, ecommerce, and integration of Roberto Coin jewellery.
Duffy stated that second-half trading started well.
He expressed confidence in the business for the holiday season while remaining cautious about the external economic and geopolitical environment.
The group also maintained strong full-year guidance.
