Seiko Group raises its forecasts after watch sales grow 25% in the half-year

Seiko Prospex dive watches, one of the lines the group cites among the main contributors to growth. © Seiko

Seiko Group sold ¥122.4 billion worth of watches between April and September, about 25% more than a year earlier, and raised its forecasts for the financial year ending in March 2027. The results were published on 10 November.

Operating profit in the watch business rose by ¥11 billion to ¥26.4 billion. Across the group, which also includes electronic components and systems, half-year sales grew 22.3% to ¥196.3 billion and operating profit 86.5% to ¥31.4 billion.

According to the investor presentation, growth came from Grand Seiko and from Seiko's global brands, such as Prospex, Presage and Astron, in Japan and abroad. In Japan, Grand Seiko benefited from purchases by tourists and steady domestic demand. Outside Japan, sales rose in every region. In the United States, in local currency, Grand Seiko sold around 70% more and Seiko's global brands around 90% more, despite shortages of some products. India and Australia also grew, and Taiwan is showing signs of recovery after the restructuring of its distribution. According to WatchPro's figures, sales rose 27% in the Americas, 18% in Europe and 29% in Japan.

Seiko Group now expects watch sales of ¥236 billion for the year, against the ¥224 billion forecast in August, with operating profit of ¥39 billion instead of ¥35 billion. For the group, the sales forecast rises from ¥375 billion to ¥390 billion and the operating profit forecast from ¥41 billion to ¥47 billion. The interim dividend was set at ¥60 per share, double the previous year's on a comparable basis after April's share split.

Find out more on the group's website.