Watches of Switzerland Group PLC (LSE:WOSG) said trading remained "strong" in the first 18 weeks of its new financial year despite the announcement of increased tariffs on Swiss imports.
UK demand remains stable, the FTSE 250-listed group said in a short statement ahead of its annual shareholder meeting on Tuesday.
No numbers were shared in the statement, though the timepiece retailer reassured that performance in both US and UK markets is "encouraging and in line" with the guidance for the full year to April 2026 provided in its July results.
"We do not anticipate any material impact from the US tariffs in H1 FY26 as brand partners have increased inventories," it said, noting that Swiss watch exports in July 2025 were up 45% compared to the prior year.
Ecommerce sales rose in the period, particularly in the US following an upgrade to the Watches of Switzerland website.
Certified Pre-Owned sales grew in both markets, while jewellery chain Roberto Coin, acquired in 2024, is "performing strongly" with three new mono-brand boutiques under construction in Miami, New York and Las Vegas.
In the UK, the flagship Rolex shop on London's Old Bond Street is "exceeding expectations", while an Audemars Piguet joint venture has been opened in Manchester, where a new Mappin & Webb jewellery boutique is also due to open tomorrow.
A new opening of Mayors in Jacksonville, Florida and a Watches of Switzerland Plano in Texas both were said to have had encouraging starts, while newly designed boutiques in Miami, New York and Las Vegas are due to open around the festive season.