Watches of Switzerland Group Post 4Q26 Trading Update

Watches of Switzerland reported strong FY26 results with sales of £1,828mn and maintains a positive FY27 outlook. Goldman Sachs reiterated its Buy rating and raised the price target to 680p based on US market strength and high-end luxury resilience.

Key Takeaways

• 1.Watches of Switzerland reported strong FY26 revenue of £1,828mn, exceeding consensus estimates driven by significant outperformance in the US market.
• 2.The US remains the primary growth engine with 2H revenues growing 27% cFX, supported by both luxury watches and jewellery acquisitions.
• 3.FY27 outlook projects revenue growth of 5-10% and EBIT margin expansion of 40-80bps, indicating continued momentum despite macro uncertainties.

Table of Contents

• Strong 4Q26 results support our Buy thesis
• Key points to highlight
• Valuation
• Results Snapshot
• Changes to Estimates
• Valuation and Risks
• Financials
• Disclosure Appendix

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