Watches of Switzerland warns of margin hit as US tariffs bite

FILE PHOTO: A branch of Watches of Switzerland
is seen in London · Reuters

(Reuters) -Retailer Watches of Switzerland warned on Thursday that its profit margin could fall this financial year as the luxury watch industry adjusts to higher U.S. tariffs, sending its shares down as much as 10%.

The forecast came as the company reported a slightly better than expected profit for the year ended April, boosted by a pickup in demand in the U.S. and Britain and its acquisition of jewellery maker Roberto Coin's North America business.

That helped lift its revenue to a record 1.65 billion pounds ($2.26 billion).

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By Unnamalai L and Yadarisa Shabong