Watches of Switzerland sales jump as shoppers shrug off tariff impact

Watches of Switzerland has revealed strong growth over the past half-year amid a jump in US sales despite President Donald Trump’s tariffs.

Bosses said the company had seen “no significant change” in the behaviour of its shoppers since initial tariffs were introduced earlier this year.

The group said this underscored the “continued robust demand for luxury watches and jewellery in the US”.

Nevertheless, Watches of Switzerland hailed an agreement between the US and Switzerland last month which reduced the tax on Swiss imports into the US from 39% to 15%.

On Thursday, the watch retailer reported that group revenues increased by 8% to £845 million, compared with a year earlier.

It was supported by strong demand in the US, where sales rose by 15% to £409 million.

In the US, the group has benefited from a jump in sales across the Roberto Coin business it snapped up last year.

The retailer said UK revenues rose by 2% to £436 million, with growth of 5% adjusting for showroom closures.

The company said it has seen momentum continue in the second half of the financial year.

Brian Duffy, Chief Executive, said: “The second half of the year has started well.

“Trading is in line with expectations, and we are well placed as we enter the holiday trading period.

“Whilst we remain mindful of the external economic and geopolitical environment, we are confident in the strength of our business and our differentiated offering, and have reiterated our full-year 2026 guidance.”

Shares in Watches of Switzerland were up 0.8%.