Watches of Switzerland FY revenues jump as it returns to growth in UK, US
By Michele Maatouk
Date: Thursday 15 May 2025
(Sharecast News) - Watches of Switzerland reported a jump in full-year revenues on Thursday as it returned to growth in the UK and US.
In an update for the year to 27 April, the company said group revenue rose 8% on the year to £1.65bn, in line with market expectations.
Revenue in the UK and Europe was up 2% at £866m, while US revenue grew 16% to £786m.
The watch retailer said demand for its key luxury brands, particularly products on Registration of Interest lists, remains strong, outstripping supply in both the US and UK markets.
Watches of Switzerland hailed an improved second-half performance, with group revenue up 12%, versus 4% growth in the first half of the year.
It said full-year adjusted earnings before interest and tax are set to be in line with market expectations.
Chief executive Brian Duffy said: "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."
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