Luxury watch retailer Watches of Switzerland has reported group revenue of £761m ($956m) in the first half (H1) of the fiscal year 2024 (FY24), down by 0.5% from £765m in the same period of FY23.

The company saw strong growth in the US with revenue of £328m in H1 FY24, an increase of 5% on reported rates compared with the same period of the previous year.

In the UK and Europe, Watches of Switzerland saw its first-half revenue drop by 4% on a reported basis to £433m from £454m in the same period of FY23.

For the 26 weeks ended 29 October 2023, the retailer posted adjusted earnings before interest, taxes, depreciation, and amortisation of £94m ($118m), down 10% on a reported basis from £104m in the corresponding period of 2022.

The company’s H1 earnings before interest and taxes (EBIT) was £73m, down 15% on a reported basis compared with £87m in H1 FY23.

Its adjusted EBIT margin for H1 FY24 was 9.6%, against 11.3% in H1 FY23.

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By GlobalData

Watches of Switzerland’s statutory operating profit was £78m in H1 FY24, a decline by 16% on a reported basis from £93m in H1 FY23.

The company’s statutory profit before tax for the period dropped 20% on a reported basis to £67m.

Watches of Switzerland chief executive officer Brian Duffy stated: “Our good first half performance reflects the group’s growing leadership position in our chosen markets as the strength of our longstanding brand partnerships and our proven business model continue to drive our performance forward.”

The retailer opened a total of 19 showrooms globally in H1 FY24, ending the period with 211 showrooms, including 97 dedicated mono-brand boutiques.

Brian Duffy added: “Demand dynamics remain strong, and our client registration lists continue to grow, whilst the pre-owned market remains a significant opportunity. We will continue to expand the number of showrooms to meet demand for all pre-owned luxury watches and are excited by the growth potential in this category.”

For the full year 2024, Watches of Switzerland expects revenue to be between £1.65bn and £1.70bn, a growth of 8% to 11% at a constant currency basis.

The retailer expects its adjusted EBIT margin to be in line with the previous fiscal year.