Watches of Switzerland Reports £974 Million in H1 Sales
Watches of Switzerland Group reported revenue of £974 million for the 26 weeks to November 1, 2026, up 15% at both constant and reported exchange rates. Its November 10 trading update also narrowed full-year guidance toward the upper end of the previous range. These are trading figures ahead of the detailed half-year results due December 10.
The US leads growth
American revenue reached £501 million, increasing 22% at constant currency and 23% at reported rates. The group identified a contribution from its Deutsch & Deutsch acquisition alongside growth across its luxury-watch portfolio. UK revenue increased 9% to £473 million.
Luxury-watch sales rose 15% at constant currency across the group. Jewelry grew faster, at 19%, with a particularly strong contribution from jewelry sold through the company's showrooms.
In Britain, the company highlighted certified pre-owned watches and jewelry as outperforming categories. It also reported momentum in regional cities as well as flagship locations.
Higher guidance, with profit figures still expected
Management now forecasts full-year revenue growth of 7–10% at constant currency, compared with 5–10% previously. The lower bound has risen while the upper bound remains unchanged.
- Expected half-year adjusted operating profit: £87–89 million.
- Expected half-year adjusted margin improvement: 0.8–1.0 percentage points.
- Net debt on November 1: £24 million, versus £112 million a year earlier.
- Full-year capital expenditure guidance: £60–70 million, unchanged.
Chief executive Brian Duffy attributed the performance to the group's market position, execution and demand for watches and jewelry. The company nevertheless expects slower growth in the second half: that period has one fewer trading week than the comparison year, and the Deutsch & Deutsch acquisition begins to enter the annual comparison in January.
Sources: Watches of Switzerland Group: trading update; Group investor calendar and RNS; Watch Insider: November 10 report.
