Watches of Switzerland posted record fiscal 2025 revenue of £1.65 billion, driven by U.S. Sales that topped $1 billion for the first time. The group said U.S. Revenue rose more than 20% on a constant currency basis and now makes up roughly half of group sales for the 52 weeks to April 27, 2025. Adjusted EBIT reached £150 million, a 9.1% margin, and management pointed to flagship showrooms, acquisitions and branded distribution in the U.S. As the main growth drivers; guidance for fiscal 2026 forecasts 6-10% revenue growth and roughly £65-70 million of capital expenditure.

Watches of Switzerland has made the United States the engine of its latest record year, reporting group revenue of £1.65 billion for the 52 weeks to April 27, 2025. The company said the U.S. Market generated more than $1 billion of sales, having grown by more than 20% on a constant currency basis, and now represents roughly half of total group revenues.

U.S. Expansion underpins growth

Company statements and analyst comments point to a deliberate push in America. Management highlighted a mix of large-format flagship openings, targeted acquisitions and new branded distribution as the way it built immediate scale in key markets. Recent deals named by the group include the acquisition of Roberto Coin for U.S. Distribution rights, the purchases of Hodinkee, Mayors and Betteridge, and the January acquisition of Texas retailer Deutsch & Deutsch. Those moves supplied store networks, brand access and specialist staff that the company said accelerated growth.

The branded jewellery and pre-owned watch segments delivered the strongest upside inside the year. Roberto Coin, whose U.S. Distribution rights were acquired, produced more than a 100% jump in branded jewellery revenue on a constant currency basis. The Rolex Certified Pre-Owned programme was said to have become the group’s second-largest watch-brand equivalent, underlining consumer appetite for both marquee names and authenticated pre-owned products.

Management and external analysts attributed the surge in large part to demand from high-net-worth American buyers for marquee brands and premium metal designs. The group said it had long regarded the U.S. Market as under-invested and under-developed, and CEO Brian Duffy said the company’s targeted investments in showrooms and acquisitions supported the American push.

Mastheads

Profit, tariffs and investor reaction

On profitability, the company reported adjusted EBIT of £150 million and an adjusted EBIT margin of 9.1%, up around 30 basis points year on year. Group revenue rose about 8% on a constant currency basis versus the prior year, according to the company’s figures for the 52-week period to April 27, 2025. Several accounts linked that performance directly to the U.S. Expansion, noting the more than 20% U.S.

Sales growth and the effect of newly acquired store networks and branded distribution.

There was a positive market reaction in some quarters. City A.M. Reported that shares jumped on the results, reflecting investor enthusiasm for the U.S.-led momentum. The company cautioned, however, that recent tariff measures in the United States are already feeding through into pricing and could crimp margins. Management said Trump-era tariffs on non-U.S. Luxury imports, including Swiss watches, have prompted mid-single-digit price increases in the U.S., an effect it expects to weigh on near-term profitability.

Not all published accounts presented identical headline figures. Multiple sources in the market gave the FY25 total as £1.65 billion with U.S. Revenue of about £786 million, roughly equivalent to just over $1 billion, and the same 8% group growth and more than 20% U.S. Growth. A City A.M. Piece contained higher totals in places, including a £1.8 billion group figure and other conflicting U.S. Numbers, creating internal inconsistency in that single report. The company’s published figures remain the clearest consistent baseline.

Beyond watch retail, the group said branded jewellery and pre-owned segments were the main contributors to incremental upside, while its broader retail network and specialist teams from acquired businesses supplied the operational capacity to grow quickly in the U.S. Clearing distribution and staffing through acquisitions was presented as a deliberate shortcut to scale rather than an organic-only roll-out.

Looking ahead, the group set out guidance for fiscal 2026. Management projected revenue growth of between 6% and 10% on a constant currency basis, and indicated capital expenditure of about £65-70 million. It also signalled that margins could be flat to slightly lower, a projection the company linked in part to the tariff environment in the United States. The firm said it will continue showroom rollouts and pursue selective acquisitions as priorities for the year ahead.

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Management forecast 6% to 10% revenue growth for fiscal 2026 and roughly £65-70 million of capital expenditure, but warned that U.S. Tariffs could leave margins flat to slightly lower.

This article was created with AI assistance.