Watches of Switzerland Group reported a 3% revenue increase for the first half of financial year 2025 (H1 FY25), driven by strong demand in the US market. For the 26 weeks ending 27 October 2024, the company posted group revenue of £785m (€948.61m), up from the same period last year.
Despite the revenue growth, profitability faced challenges. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell by 7% to £87m (€105.12m). Statutory operating profit dropped 23%, and statutory profit before tax declined 39%.
Luxury watch revenues, which make up a significant portion of the group’s sales, decreased by 3%. This dip was attributed to one-time showroom stock increases during the first quarter, particularly affecting the US.
The luxury jewellery segment saw mixed results. Group revenue (excluding Roberto Coin) fell by 6%, primarily due to declining sales in the US, where the commodity bridal category struggled, and older inventory was cleared. However, the UK market outperformed, with luxury jewellery revenue rising by 4%.
The share of revenue from luxury watches slightly declined as Roberto Coin’s enhanced jewellery inventory boosted the jewellery category’s overall contribution to the group’s revenue mix.
