As stocks surge to all-time highs, demand in the luxury watch market continues to steady after a boom and bust in 2021-22. Especially in the US.

Watches of Switzerland, the UK-based jeweler with a growing retail presence in the US, last week said its US sales jumped 14% in its fiscal fourth quarter, powering the retailer to better-than-expected results.

Shares of the company rose 10% following this news.

Watches of Switzerland CEO Brian Duffy said US sales were "particularly strong" on a call with analysts, calling the US market "underdeveloped."

David Hurley, deputy CEO and head of Americas at Watches of Switzerland, told Yahoo Finance in an interview its two retail locations in New York City, a market it didn't enter until 2019, generated $100 million in revenue in the past year. The company posted $880 million in sales in the US in the same period.

A key driver for the company has been Rolex sales, particularly from its certified pre-owned (CPO) program. The company said total pre-owned and vintage revenue — including Rolex CPO — doubled in its fiscal fourth quarter versus a year ago.

Upbeat results from Watches of Switzerland come alongside continued softness in luxury watch prices, including Rolex. According to data from WatchCharts, which tracks secondary prices for Swiss luxury watches, Rolex prices are down nearly 10% over the last year; overall luxury watch prices are down 12% over the same period.

Luxury watch prices peaked in the spring of 2022.

What's old is new again

Pre-owned watches are now Watches of Switzerland's second biggest category.

CPO sales also help retailers alleviate a perpetual problem when it comes to Rolex sales in particular: supply.

Hurley said the Rolex CPO business has been "very successful" and said the company's entry into the US market last year "100%" helped lift results across the industry.

“It just gives people that extra confidence and without a doubt is going to help to grow the overall secondary market," Hurley said.

The company told analysts last week growth in the category has been "exponential" and said by the end of next year Rolex CPO sales could approach 20% of the company's revenue.

Its CEO Duffy told analysts the company remains "happy with the support we're getting for the projects that we're doing and what's happening within the market overall."

Projects that, in particular, involve continued growth in the US market.

"When you're looking at the wider watch market, the US is probably the most stable market out there," Hurley said.