WoS shares slide amid US tariff uncertainty
shares fell sharply as the luxury brands seller reported a fall in annual profits and warned products exported to the US would be hit by tariff increases.
Pre-tax profit for the year to April 27 fell 18% to £76m, while revenue grew 7% to £1.65bn. WoS said it was still too early to comment on the potential impact of any US tariff changes. Shares in the firm were down 6% in early London trade.
The company, which sells luxury watches such as Rolex and Audemars Piguet said the 10% duty on goods from Switzerland had led to some brand partners raising prices in the US by mid-single digits.
"The outcome of US tariff developments remains uncertain. We are in regular dialogue with our brand partners, but it is too early further changes. We will provide a further update as to the potential impact on FY26 guidance once the situation becomes clearer," the company said on Thursday.
US President Donald Trump originally hammered Switzerland with a 31% levy, sending shares in the firm crashing by a fifth. A 90-day pause on implementing the duty ends on July 9 as countries scramble to appease the authoritarian American leader.
Adjusted earnings before interest, tax depreciation and amortization rose 8% to £192m, while operating profit fell 5% to £114m.
Reporting by Frank Prenesti for Sharecast.com
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