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London, UK--Watches of Switzerland Group reported a 3% year-over-year revenue increase for the first half of fiscal year 2025 (H1 FY25), reaching £785 million ($1 billion). According to Euronews, strong demand in the U.S. offset a slight decline in the UK market.

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Despite the revenue growth, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped 7% to £87 million ($111 million). Statutory operating profit fell 23%, and profit before tax declined 39%, the report noted.

Luxury watch revenues decreased by 3%, attributed to one-time increases in showroom inventories during the first quarter, particularly in the U.S. market. Group luxury jewelry revenue, excluding contributions from the recently acquired Roberto Coin brand, dropped 6%, driven by struggles in the U.S. bridal category and inventory clearance from the prior year. In contrast, the UK market saw a 4% rise in jewelry revenue.

Brian Duffy, CEO of Watches of Switzerland, pointed to the strong performance of the North American Roberto Coin business and the continued success of the Rolex Certified Pre-Owned program as highlights of the period. The company also expanded its digital presence by acquiring Hodinkee, a platform for luxury watch enthusiasts.

To mark its 100th anniversary, the company collaborated with independent watchmakers Craig and Rebecca Struthers on a Centenary Piece and partnered with Bulgari on a special-edition watch. Craig Bolton, President of Watches of Switzerland Group UK and Europe, stated that the collaboration underscores the company's commitment to blending traditional techniques with modern innovation.

Learn more in this report by Euro News.