The Hour Glass reports lower Q1 profit on slowing sales
Published on Aug 5, 2014 8:23 PM
SINGAPORE - Luxury watch retailer The Hour Glass has clocked in a 5 per cent drop in first quarter net profit to $8.4 million.
Revenue for the three months to June 30 inched up 2 per cent to $157 million.
Gross margin was lower at 20.7 per cent, compared to 21.6 per cent in the same period last year, due to a more competitive retail environment.
Operating expenses were higher resulting from rental and depreciation expenses.
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