Watches of Switzerland Group PLC (WOSG), the UK's largest luxury watch retailer, reported Group revenue of £974 million for the 26 weeks to 1 November 2026, representing 15% growth in both reported and constant currency terms. The company announced that H1 FY27 Adjusted EBIT is expected to reach £87–89 million, with margin expansion of 80–100 basis points year-on-year. Following a first half that finished slightly ahead of expectations, management has narrowed its full-year FY27 guidance to the upper end of its previously stated range, lifting the floor on constant currency revenue growth from 5% to 7%.

Key Points

  • Watches of Switzerland Group PLC (WOSG) — UK's largest luxury watch retailer, operating across the UK and US
  • Group H1 FY27 revenue reached £974 million, up 15% in constant currency, with approximately 28% Adjusted EBIT growth
  • FY27 guidance narrowed to 7–10% constant currency revenue growth and 60–80bps Adjusted EBIT margin expansion; H1 results due 10 December 2026
  • Investors may be watching second-half trading momentum given one fewer trading week year-on-year and the upcoming Deutsch & Deutsch acquisition anniversary

US Revenue Hits £501 Million as Deutsch & Deutsch and Roberto Coin Drive 22% Constant Currency Growth

The US segment delivered revenue of £501 million in H1 FY27, up 22% in constant currency and 23% at reported rates versus the prior year period. US retail revenue grew 24% in constant currency, supported by the acquisition of Deutsch & Deutsch. Roberto Coin wholesale sales rose 15% in constant currency, with the first two wholesale partner shop-in-shops opened in October. Showroom expansion projects were completed in Marlton, New Jersey and Avalon, Georgia. Luxury jewellery was identified as a particular outperformer within the US portfolio, contributing to group-wide luxury jewellery growth of 19% in constant currency.

UK Revenue Climbs 9% With Broad-Based Momentum Across Flagship Boutiques and Regional Cities

The UK business generated revenue of £473 million in H1 FY27, up 9% against the prior year period, which the announcement describes as a strong performance against an improving market backdrop. Growth was broad-based, with positive contributions from flagship boutiques and regional locations. Certified Pre-Owned and luxury jewellery both outperformed within the UK. Completed showroom projects included the expansion of the Rolex Glasgow Boutique and three Goldsmiths refurbishments in Watford, Chelmsford and Exeter. The Group operates eight brands across its UK and US estate, including Watches of Switzerland, Mappin & Webb, Goldsmiths and Mayors.

Net Debt Falls £88 Million Year-on-Year to £24 Million, Reflecting Strong Cash Generation

Net debt stood at £24 million as at 1 November 2026, reduced from £112 million at 26 October 2025 — a year-on-year improvement of £88 million. The announcement attributes this reduction to strong cash generation across the period. Full-year guidance on capital expenditure remains unchanged at £60–70 million, with free cash flow conversion held at approximately 70%. The Group will announce its full H1 FY27 results on 10 December 2026, at which point a reconciliation to statutory measures will be provided for Alternative Performance Measures currently reported on a pre-IFRS 16 basis.

Second-Half Outlook: Prudent Planning as Holiday Season Approaches Amid Macroeconomic Uncertainty

Despite the strong first-half result, management cautioned that the second half contains one fewer trading week year-on-year and that the Group will annualise the Deutsch & Deutsch acquisition in January, factors that are expected to result in a lower rate of revenue growth and more moderate EBIT margin expansion in H2. The company stated it continues to plan prudently amid ongoing macroeconomic uncertainty. With 185 showrooms and 74 mono-brand boutiques across the UK and US at the date of the announcement, investors may be watching whether holiday season trading sustains the momentum seen in the first half.