The Hour Glass reports 4% rise in full year earnings to $54.9 million

A Malmaison by The Hour Glass store at Knightsbridge, Orchard Road. The Hour Glass has clocked up a 4 per cent rise in net earnings to $54.9 million. -- PHOTO: THE BUSINESS TIMES FILE
A Malmaison by The Hour Glass store at Knightsbridge, Orchard Road. The Hour Glass has clocked up a 4 per cent rise in net earnings to $54.9 million. -- PHOTO: THE BUSINESS TIMES FILE

The Hour Glass has clocked up a 4 per cent rise in net earnings to $54.9 million.

Revenue for the year ended March 31 rose by 13 per cent to $682.8 million.

The luxury watch retailer claimed a record year in which broad-based improvement from its retail network across the region and incisive management led to a robust performance.

Hour Glass said it outperformed several closely monitored industry benchmarks which comprised expansion of revenue, maintainence of profitability, efficient cost management, improvement on inventory turnover days and increasing overall cash balance.

Two new mono-brand watch boutiques were opened in Marina Bay Sands during the year.

Gross margins came in at 23 per cent, a small dip compared with 23.9 per cent the year before.

Earnings per share swelled to 23.38 cents from 22.49 cents previously.

Net asset value per share rose by 15 cents to $1.56.

The company proposed a first and final dividend of six cents a share, up from 5.5 cents last year.