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SINGAPORE: Luxury watch retailer The Hour Glass said that its second quarter profit dropped 14 per cent on-year to S$6.6 million.
This is despite a 4 per cent rise in revenue to S$119.6 million, compared to the same period last year. The firm said that competition in pricing drove down its margins and profit.
The Hour Glass said the growth in revenue was due to the successful openings of additional retail stores in Singapore at ION Orchard.
Moreover, the relocation of an existing boutique from Peninsula Plaza to a more premium location in Orchard Central and aggressive marketing improved sales.
Going forward, the firm said Asian economies are showing signs of a modest recovery, so consumers should begin to increase spending. It expects to remain profitable for the rest of its financial year.
- CNA/sc
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