Downturn? Not for The Hour Glass

Singapore listed watch retailer The Hour Glass Limited has defied the regional downturn in luxury watch sales.

The company has reported a six per cent increase in after-tax profit on sales up eight per cent in the year to March 31. Total sales were S$734.9 million, with profit S$59.7 million.

The company attributes its success to an “unrelenting” emphasis on improving the quality of its retail network and offer and merchandising mix and a focus on controlling costs.

“Navigating a unique specialist luxury watch retailer like The Hour Glass through a demanding business environment requires consistency and tenacity. These are the qualities that have enabled the group to continue to grow as we remain focused on business sustainability over the long term,” said Michael Tay, group MD.

A key measure of the group’s success is the stability of its gross operating margin – 22.6 per cent in the 2015 financial year compared with 23 per cent in the previous year.

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