Watches of Switzerland Group has announced a strong return to growth across both the UK and US markets, with annual revenues rising to £1.65 billion for the financial year ending 27 April 2025—an 8% increase compared to the previous year.
In its latest trading update, the East Midlands-based luxury watch retailer reported regional revenue growth of 2% in the UK and Europe, while the US delivered a more substantial 16% increase. The company credited the rebound to a recovery in consumer confidence, particularly in April, following an initial slowdown linked to US tariff concerns.
“After a temporary period of consumer uncertainty in response to the initial tariff announcement, we saw a return to normalised trading patterns in April,” the company stated. However, it also noted that ongoing uncertainty around the US tariff situation continues to pose challenges in forecasting future performance.
Despite the unresolved tariff environment, Watches of Switzerland confirmed that full-year adjusted earnings before interest and taxes (EBIT) are expected to align with market forecasts.
Chief Executive Brian Duffy welcomed the positive momentum in the second half of the financial year, highlighting renewed growth across both core markets. “We returned to growth in both the UK and US during the second half and are pleased with the strong momentum we’ve seen, particularly in the US,” he said.
The group also emphasized significant progress in its showroom development strategy, including the launch of a new flagship Rolex boutique on Old Bond Street in London—a milestone Duffy described as a key highlight of the fiscal year.
“Trading since launch has exceeded our expectations,” he said, pointing to several major Rolex-related projects in the US. These included the brand’s debut in Plano, Texas; its reintroduction in Jacksonville, Florida; and the transformation of Mayors Lenox in Atlanta into a 3,000 sq ft Rolex boutique.
Looking ahead, Duffy expressed confidence in the group’s business model and the enduring strength of the luxury watch market. “We remain confident in our robust pipeline of showroom openings and the resilience of the luxury watch category, where demand for key brands continues to outstrip supply,” he said.
Nevertheless, he acknowledged the need to remain cautious amid broader economic and consumer uncertainties, particularly with potential shifts in US trade policy still unresolved.
