Luxury watch retailer The Hour Glass has announced lower earnings of $61.6 million for the 1HFY2025 ended September, down 21% y-o-y from the same period last year.
Earnings per share stood at 9.46 cents, down from 11.71 cents in 1HFY2024.
Meanwhile, the group’s revenue saw a slight decline of 3% y-o-y to $540.3 million in 1HFY2025, due to higher operating expenses following increased advertising and promotion activities, depreciation of right-of-use assets and the loss on disposal of property, plant and equipment.
As at Sept 30, gross profit stood at $78.6 million, down 20% y-o-y from $98.2 million in 1HFY2024. Gross profit margin dropped to 30.7% in the same period from 30.9% in 1HFY2024.
The group has since declared an interim dividend of 2 cents, which is expected to be paid out on Dec 4.
The group’s balance sheet stood at net assets of $878.7 million and cash and bank balances at $207.0 million.
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Moving forward, the group expects to remain profitable for the full financial year amid challenges posed by current macroeconomic uncertainties shifting geopolitical landscapes.
Shares in The Hour Glass closed 1 cent higher, or up 0.65%, at $1.54 on Nov 12.
