Downturn? Not for The Hour Glass
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Singapore listed watch retailer The Hour Glass Restricted has defied the regional downturn in luxurious watch gross sales.
The corporate has reported a six per cent improve in after-tax revenue on gross sales up eight per cent within the yr to March 31. Complete gross sales have been S$734.9 million, with revenue S$59.7 million.
The corporate attributes its success to an “unrelenting” emphasis on enhancing the standard of its retail community and supply and merchandising combine and a concentrate on controlling prices.
“Navigating a singular specialist luxurious watch retailer like The Hour Glass via a demanding enterprise surroundings requires consistency and tenacity. These are the qualities which have enabled the group to proceed to develop as we stay targeted on enterprise sustainability over the long run,” stated Michael Tay, group MD.
A key measure of the group’s success is the steadiness of its gross working margin – 22.6 per cent within the 2015 monetary yr in contrast with 23 per cent within the earlier yr.
Questions & Answers
Q.What were The Hour Glass's total sales and profit for the year to March 31?
What were The Hour Glass's total sales and profit for the year to March 31?
Total sales for The Hour Glass reached S$734.9 million. The company reported an after-tax profit of S$59.7 million for the financial year ending March 31.
Q.How did The Hour Glass attribute its success despite the regional downturn in luxury watch sales?
How did The Hour Glass attribute its success despite the regional downturn in luxury watch sales?
The company attributed its success to an 'unrelenting' emphasis on improving its retail network and product mix. A strong focus on controlling costs also contributed to its positive financial performance.
Q.What is the group's gross operating margin and how does it compare to the previous year?
What is the group's gross operating margin and how does it compare to the previous year?
The group's gross operating margin for the 2015 financial year was 22.6 per cent. This shows a slight decrease when compared to the 23 per cent reported in the previous year.
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