Watches of Switzerland FY revenues hit £1.65bn

Watches of Switzerland has reported an 8% increase in its group revenues to £1.65bn for the 52 weeks to 27 April 2025, after the group saw significant performance improvement in H2, with revenues up 12% to £867m. 

Meanwhile, in the UK, revenues were up 2% to  £866m, while its US revenues increased 16% in constant currency to £786m.

The group attributed this growth to the strong demand for its key luxury brands, particularly products on Registration of Interest lists, outstripping supply in both the US and UK markets.

Its full year EBITDA is also expected to be in line with market expectations. 

As previously outlined, in Q1 FY25 the company increased showroom stock levels of key brands to enhance displays and client experience, particularly in the US

Moreover, In the US, following a temporary period of consumer uncertainty in response to the initial tariff announcement, it also saw a return to normalised trading patterns in April.  

However, the group stated that it remains cognisant that the US tariff situation is “currently unresolved, making it more difficult to predict future US trading patterns”.

Looking ahead, as the group enters FY26, although mindful of the uncertain macroeconomic backdrop, including potential US tariff changes, it “remains confident in the strong fundamentals of the luxury watch category and our differentiated business model in the underdeveloped US market”.

The company said it is focused on the delivery of its strategy and is encouraged by its strong pipeline of “high-quality” projects opening in FY26, across both the UK and US, including the opening of the refurbished Northern Goldsmiths, Newcastle, expansions or relocations of a further six UK showrooms, new Watches of Switzerland Southdale, Minneapolis and relocation of Mayors UTC, Florida.

Watches of Switzerland is also set to launch its upgraded US Watches of Switzerland ecommerce website in Q1 FY26 with further sites launching for Mayors and Betteridge during the year. 

Brian Duffy, chief executive officer, said: “In H2 FY25 we returned to growth in both the UK and US, delivering Group revenue of +12%, driving a full-year performance of +8% (constant currency).  Full year Adjusted EBIT2 is expected to be in line with market expectations.

“In the US, we experienced strong momentum, delivering +19% revenue growth in H2 FY25 and +16% for the full year (constant currency).  In the UK, we were pleased to see the external environment stabilise in line with our expectations, supporting revenue growth of +6% in H2   FY25 and +2% for the full year.”

He added: “A highlight for our Group in H2 FY25 was the opening of the new flagship Rolex boutique on Old Bond Street, London, in which we were able to bring our retailing excellence and operational strength to bear. Trading since launch has exceeded our expectations. We delivered several key Rolex projects in the US, including the brand’s introduction in Plano, Texas, its reintroduction in Jacksonville, Florida, and the conversion of Mayors Lenox in Atlanta into a 3,000 sq. ft Rolex boutique.

“As we look ahead, we remain confident in the strength of our business model, our strong pipeline of showroom openings and the resilience of the luxury watch category where demand for key brands continues to outstrip supply. We are of course mindful of the broader macroeconomic and consumer environment, including potential US tariff changes.”