Highlights

• Watches of Switzerland grew first-half group Revenue 15% to £974m on both constant currency and reported bases.

• The luxury retailer expects first-half adjusted EBIT of £87m to £89m, roughly 28% higher year on year.

• US revenue climbed 22% at constant currency to £501m, outpacing the 9% rise delivered in the UK.

• The board narrowed FY27 guidance to 7% to 10% constant currency revenue growth and wider margins.

Watches of Switzerland Group (LSE:WOSG), the luxury watch and jewellery retailer behind showrooms such as Mappin & Webb and Goldsmiths, said on 10 November 2026 that first-half revenue rose 15% to £974m, and it now expects adjusted EBIT for the period of £87m to £89m. The FTSE 250 jeweller also tightened its full-year guidance, pulling the bottom of its revenue growth range higher and putting a firmer floor under Margin expansion.

Inside the first-half numbers

Growth came through at the same 15% rate on both constant currency and reported bases. The adjusted EBIT range points to an increase of about 28% year on year, with the group signalling roughly 80 to 100 basis points of margin expansion.

Luxury jewellery led the category mix with growth of around 19% at constant currency, while luxury watches advanced about 15%. The company credited the Deutsch & Deutsch acquisition, along with momentum across showrooms and wholesale, for part of that progress.

America takes the larger share

The US Business delivered £501m of revenue, up 22% at constant currency and 23% on a reported basis. The UK contributed £473m, a 9% improvement.

On a simple calculation, the US now accounts for roughly 51% of group revenue for the half. That shift matters for those following Watches of Switzerland (LSE:WOSG), because the American market increasingly sets the pace for the whole business.

Balance sheet and guidance reset

Net Debt fell to £24m, compared with £112m twelve months earlier. That leaves the retailer (LSE:WOSG) with considerably more headroom than a year ago. For context, the group reported FY26 revenue of £1.8bn, up 11%, at its full-year results in July.

For FY27, the group now targets constant currency revenue growth of 7% to 10% and EBIT margin expansion of 60 to 80 basis points. Earlier guidance, reiterated in early September, had framed revenue growth at 5% to 10% and margin expansion at 40 to 80 basis points. Capital Expenditure is guided at £60m to £70m, with free Cash Flow conversion of about 70%.

Pressure points for the second half

The second half includes the festive gifting season, traditionally a crucial stretch for luxury retail. Investors will watch whether US Demand holds its current momentum and whether jewellery keeps outgrowing watches.

Currency moves between sterling and the dollar can also shift reported figures, given the scale of American revenue. Brand Supply allocation and consumer confidence on both sides of the Atlantic remain further variables for LSE stocks in the luxury space.

What the update signals

Taken together, the update describes a business growing faster in America, carrying far less debt and narrowing its outlook towards the upper part of its earlier ranges. Full interim results will provide the detailed profit and cash figures behind these headline numbers.