Luxury watch retailer The Hour Glass AGS AGS has reported earnings of $77.0 million for the 1HFY2024 ended Sept 30, down 9% y-o-y.
Earnings per share for 1HFY2024 also decreased to 11.71 cents from 12.58 cents in the sam period last year.
Revenue for the same period increased by 1% to $558.4 million, while the cost of goods sold increased by 3% to $385.7 million.
The company’s gross margins decreased to 30.9% in 1HFY2024 compared to 32.4% in 1HFY2023, partly due to unfavourable exchange rate movements and contributing to a y-o-y decline in profit after tax of 9% to $77.9 million for the half-year period.
As at Sept 30, cash and cash equivalents stood at $206.5 million.
The Hour Glass has recommended an interim dividend of 2 cents per share for 1HFY2024.
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Shares in The Hour Glass closed flat at $1.72 on Nov 14.
