Watches of Switzerland Group (WOSG) Q2 2026 TU earnings summary

Executive summary

• Group revenue reached £845 million for H1 FY26, up 10% at constant currency and 8% at reported rates year-over-year, driven by strong US performance and robust demand for luxury watches and jewellery.

• US revenue grew 20% at constant currency and 15% at reported rates, with broad-based growth across brands and categories, and significant contributions from Roberto Coin.

• UK revenue increased 2% year-over-year, with flagship boutiques, especially the Rolex Old Bond Street location, outperforming despite a challenging retail environment.

• Ecommerce revenue rose 16% compared to the prior year, reflecting successful digital investments.

Financial highlights

• Luxury watches revenue increased 10% at constant currency, maintaining strong demand that continues to exceed supply.

• Luxury jewellery revenue also rose 10% at constant currency, now representing 12% of group revenue, with luxury branded jewellery outperforming.

• Certified Pre-Owned segment performed strongly, with Rolex Certified Pre-Owned now present in all US Rolex agencies and expansion plans for the UK.

• Adjusted EBIT for H1 FY26 estimated between £66-68 million, with EBIT margin down approximately 50 basis points year-over-year, in line with full-year guidance.

Outlook and guidance

• FY26 guidance reiterated, with confidence in delivering another year of strong sales growth and continued leadership in luxury watch and jewellery retailing.

• Guidance is based on current US tariff rates and observed brand partner and consumer responses.