(Reuters) -Watches of Switzerland said on Wednesday that it was on track to report fiscal first-half results in line with its expectations, helped by robust demand in the U.S., and a steady performance in the UK luxury watch and jewellery markets.
The group said it does not expect U.S. tariffs on Swiss watch imports to weigh on first-half results, adding that brand partners had already built up inventories, with Swiss watch exports jumping 45% in July from a year earlier.
Shares in Watches of Switzerland jumped about 11% in early trading.
The U.S., a leading buyer of Swiss watches, machinery, and chocolate, had announced a tariff rate of 31% for Switzerland in April as part of a broad push to reorder global trade, but increased the threatened tariff to 39% last month.
The company said performances in both the U.S. and the UK markets were encouraging and in line with its guidance for the year ending April 2026, provided in July 2025.
“The stability we saw in the UK luxury watch and jewellery markets during the second half of FY25 has continued, and we have delivered good year-on-year growth,” the company added.
Watches of Switzerland also added that it would provide further updates to any impact from tariffs once more information was available.
(Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich)
Comments