Higher operating expenses eat into profits at The Hour Glass
Luxury watch retailer The Hour Glass has posted a 6.6 per cent drop in first quarter net earnings to $8.8 million.
Revenue grew by 14 per cent to $154.7 million for the three months to June 30.
This was attributed to an expanded retail network and increased marketing activities.
Gross margins were marginally lower at 21.6 per cent compared to 22.2 per cent in the same period last year, due to a more competitive marketplace.