Watches of Switzerland Group’s revenue update for the first half of FY26 (the 26 weeks to late October) included some strong positive numbers on Thursday.

Group revenue of £845 million was up 10% at constant currency and 8% at reported rates as demand for luxury watches remained “robust” and continued to exceed supply.

It also said H1 FY26 adjusted EBIT will be between £66 million and £68 million, with an EBIT margin down around 50 bps vs the prior year, in line with full-year guidance.

Luxury watches revenue rose 10% at constant currency as did luxury jewellery revenue, the latter now making up 12% of group revenue with luxury branded jewellery outperforming.

Certified Pre-Owned continued to perform strongly too and in line with expectations. The company said it’s “firmly established in this market. Rolex Certified Pre-Owned, our second biggest brand, is now in all US Rolex agencies [and] plans to expand into remaining UK agencies are in place”.

Group e-commerce revenue also showed good growth at +16% vs the prior year.

US revenue of £409 million was up 20% at constant currency and 15% at reported rates as it saw sustained growth in the core business.†Luxury watch sales were strong across brands and price points and Roberto Coin Inc’s wholesale sales rose 16% in constant currency and 12% reported. 

It saw a positive market response to its new product and new advertising campaign. Roberto Coin sales through its retail channel at Mayors are more than double the prior year’s, following the implementation of shop-in-shop branded displays. And there’s an opportunity to roll this concept out to wholesale partners.

The company acknowledged the additional 39% US tariff in place since 7 August 2025 on the landed cost of Swiss imports. It’s closely monitoring tariff developments and brand responses but to date “we have not seen any significant change to consumer behaviour”.

UK revenue also rose, but by a less impressive percentage. At £436 million it was up 2% or by 5% when adjusting for showroom closures.

It reported a “good performance in a challenging retail environment” with “strong momentum across flagship boutiques, with Rolex Old Bond Street outperforming and positive trading across recent investment projects”.

The ongoing focus on increasing returns led to it optimising its UK showroom footprint. Showroom closures in the last 12 months impacted UK sales by 3%.

And the exit of the European business is now complete. The company first moved into Europe, focusing on Scandinavia, in 2022, but this has clearly been a minor part of its business. And with the US booming and the UK appearing to recover, the group is focusing on those two core markets.

The company said that while it’s “mindful of the uncertain economic and geopolitical backdrop, with strong momentum in the first half of the year, we are reiterating our FY26 guidance provided in July. This is based on the current US tariff rates, and our brand partner and consumer responses to those tariffs to date. We remain confident of delivering another year of strong sales growth and continued progress in consolidating our leadership in luxury watch and luxury jewellery retailing”.