Revenue rose in the first half of the fiscal year at Watches of Switzerland, receiving a lift from a strong performance in the US market.
Group sales climbed 8% year on year to GBP 845 million ($1.11 billion) in the 26 weeks that ended October 26, the UK-based company reported Thursday. Revenue in the US increased 15% to GBP 409 million ($535.1 million), with growth observed across the brands and product categories. The company noted no significant change in consumer behavior amid the reciprocal tariffs. Sales in the UK gained 2% to GBP 436 million ($570.3 million) even as the retailer closed several showrooms over the past 12 months. Watches of Switzerland no longer does business in Europe.
Overall sales improved 10% at constant currency rates, the company added.
“The US has been the standout performer, with sales up 20% in constant currency, driven by broad-based growth across brands and categories throughout the period,” said CEO Brian Duffy. “Investments in our teams, showrooms and digital offer are driving growth, while Roberto Coin is delivering excellent results as we implement our growth acceleration strategy in the first full year of ownership.”
Luxury watches grew 10% to GBP 708 million ($926.1 million), representing 84% of overall revenue. Sales of jewelry were up 6% year on year to GBP 102 million ($133.4 million).
During the period, the retailer completed new boutiques and refurbished flagship stores in the UK and the US. It has several new shop openings lined up for the second half of the fiscal year, it said.
Image: A Watches of Switzerland store in the Mall of America, Bloomington, Minnesota. (Watches of Switzerland)