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Watches of Switzerland has shrugged off the impact of Donald Trump’s tariffs on Swiss exports and wider troubles in the luxury market, as it hailed sustained demand for upmarket watches and jewellery.
The London-listed retailer said trading had been strong over the 18 weeks to the end of August, particularly in the US.
It recently warned that some if its brand partners in America had pushed through price rises on its product ranges in response to higher tariffs on imports.
President Donald Trump hiked rates to 39% on a range of Swiss goods, which kicked in last month despite leaders scrambling to strike a deal to minimise the impact.
But Watches of Switzerland said on Wednesday that its partners had increased the amount of stock held in their inventories in recent months.
This means it was not expecting any significant impact on its earnings over the first half of the new financial year.
Furthermore, the retailer said the luxury watch and jewellery markets continued to stabilise over the latest period, with sales growing compared with the prior year.
This comes despite the luxury retail sector facing a prolonged downturn as it grapples with weaker consumer demand and rising costs, particularly in key markets in China and Asia.
Fashion brands like Burberry and Mulberry have come under pressure from weaker upmarket spending and launched major turnarounds in a bid to get the businesses back onto stronger footing.
Watches of Switzerland told investors that its flagship Rolex boutique in London was “exceeding our expectations” with strong numbers of visitors and buyers.
The company said it was on track to meet its earnings outlook for the year – having previously forecast sales growth of between 6% and 10%.
Shares soared by more than 8% in early trading on Wednesday following the update.