Luxury retailer Watches of Switzerland Group has reported record annual results after strong growth in the US helped offset a more subdued UK market.
Revenue rose 11 per cent to £1.83 billion in the 53 weeks to 3 May 2026, while statutory pre-tax profit jumped 76 per cent to £133.5 million. Free cash flow increased 65 per cent to £162 million, enabling the group to reduce net debt despite investing in new stores and acquisitions.
The US is now the retailer’s largest market, generating more than half of group revenue and profit, with sales climbing 18 per cent (24 per cent at constant currency). UK revenue increased a more modest 5 per cent as consumer spending remained under pressure.
During the year, Watches of Switzerland expanded its US footprint through the acquisition of luxury jeweller Deutsch & Deutsch, continued investing in Rolex Certified Pre-Owned, and opened new Roberto Coin boutiques. Meanwhile, it streamlined its UK estate, closing lower-performing stores while investing in flagship locations such as Rolex Old Bond Street.
Looking ahead, the retailer said trading has started positively and reaffirmed guidance for 5–10 per cent revenue growth in FY27, citing continued momentum in the US and improving conditions in the UK.
Commenting on the results, chief executive Brian Duffy said the business had delivered a strong performance despite tariff-driven pricing changes in the US and continued pressure on UK consumers. He highlighted continued investment in showrooms, ecommerce and client experience, alongside progress integrating Deutsch & Deutsch and growing the retailer’s Certified Pre-Owned and Roberto Coin businesses.
Looking ahead, Duffy said trading had started the new financial year positively, with the group confident of delivering another year of strong revenue growth. He added: “With a leading position in the UK, a strengthening presence in the US, long-standing brand partnerships and a clear pipeline of opportunities, we are well placed for the next phase of profitable growth.”
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