Watches of Switzerland Group grew revenue by 15 per cent to £974m in the 26 weeks to 1 November 2026, on both a reported and constant currency basis, according to its first-half trading update.
The group expects adjusted EBIT for the half of £87m to £89m, around 28 per cent higher than a year earlier, with the EBIT margin up 80 to 100 basis points.
UK and US
- UK revenue rose 9 per cent to £473m. The group said growth was broad-based, with momentum in flagship boutiques and many regional cities, and that luxury jewellery and Certified Pre-Owned watches both outperformed.
- US revenue rose 22 per cent at constant currency to £501m, helped by the acquisition of Deutsch & Deutsch.
UK showroom work in the half included an expansion of the Rolex boutique in Glasgow and refurbishments of Goldsmiths showrooms in Watford, Chelmsford and Exeter.
Categories
- Luxury watches: £812m, up 15 per cent.
- Luxury jewellery: £123m, up 19 per cent at constant currency. In the group’s showrooms, luxury jewellery sales grew 31 per cent.
Net debt fell to £24m at 1 November, from £112m a year earlier.
Outlook
The group has narrowed its guidance for the 2026/27 financial year to revenue growth of 7 to 10 per cent at constant currency, from 5 to 10 per cent, and EBIT margin expansion of 60 to 80 basis points, from 40 to 80 basis points.
It expects lower revenue growth in the second half, as the period has one fewer trading week and the group will annualise the Deutsch & Deutsch acquisition in January.
Chief executive Brian Duffy said trading momentum remained good in both markets heading into the holiday season, but that the business was planning prudently given economic uncertainty.
Half-year results will be published on 10 December 2026.
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