Downturn? Not for The Hour Glass

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.