Watches of Switzerland issues its first-half trading update today, Tuesday 10 November 2026, ahead of interim results on 10 December, with investors watching for signs that strong demand in the United States is still driving the luxury watch retailer.

The group is the UK's largest luxury watch retailer, operating across the UK and the US through the Watches of Switzerland, Mappin & Webb, Goldsmiths, Mayors and Betteridge brands, and it operates 221 stores in the UK, US and Europe, including 96 dedicated mono-brand boutiques.

What brokers expect

RBC Capital Markets expects the company to report first-half revenue of £943 million, growth of 12% on a reported basis and 8% at constant currencies. US revenue is forecast to climb 23% to £502 million, including like-for-like growth of 8%, while UK and European revenue is expected to edge 1% higher to £441 million, with like-for-like growth of 5%.

RBC forecasts adjusted operating profit of £81 million for the first half, a margin of about 9%, alongside diluted earnings per share of around 24p. The broker kept a sector perform rating and an 800p price target, noting that much of the positive outlook was already reflected in the share price.

Those are broker forecasts, not company figures, and the update today will show whether trading matched them. The shares stood at 747p ahead of the update, valuing the business at around £1.72 billion, after rising 56% over the previous 11 months. The shares had reached 801.50p in mid-July this year.

Guidance reiterated in September

At its annual general meeting on 3 September, the group reiterated its full-year 2027 guidance, anticipating revenue growth of 5% to 10% at constant currency and a 40 to 80 basis point expansion in adjusted EBIT margin.

The company also reported consistent trading momentum in the 17 weeks to 30 August, with strong performance in the US and improving conditions in the UK market, supported by growth in luxury jewellery, certified pre-owned watches and e-commerce.

A record year behind it

The update follows a record year for the group. For the year to 3 May 2026, sales were £1.828 billion, up 13% at constant currency. The US grew 24% at constant currency and became the group's largest market, accounting for 51% of group sales, while the UK grew 5%.

Adjusted EBIT for that year was £155 million, up 6% at constant currency, and statutory profit before tax was £133 million, up 75% year on year. In the first half of that year, revenue rose 10% at constant currency to £845 million, with adjusted EBIT 6% higher at £69 million and the US up 20% at constant currency to £409 million.

What to watch today

Investors will look first at whether US momentum has held up, and at the UK trend after the improvement reported in August. They will also watch for comment on luxury jewellery and certified pre-owned sales, which have become important growth areas, and on e-commerce.

US tariffs on Swiss imports are another watch item. In the previous first half, net product margin fell by 90 basis points, partly reflecting a reduction in brand margins due to US tariffs and adverse product mix, so any update on how tariffs are being managed will be closely read.

For the full 2026/27 financial year, RBC projects revenue of around £2 billion and adjusted operating profit of £179 million. Today's update covers trading only, with the full interim results, including profit and margin detail, due on 10 December.