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The Hour Glass posts 18% decline in 1Q earnings to $7 mil on one-off expense

Michelle Zhu
Michelle Zhu8/14/2017 6:3 PM GMT+08  • 1 min read
The Hour Glass posts 18% decline in 1Q earnings to $7 mil on one-off expense
SINGAPORE (Aug 14): Luxury watch retailer The Hour Glass Group announced earnings of $7 million for the 1Q18 ended June, down 15% from $8.2 million posted in 1H17 on higher expenses which were largely attributable to a one-time relocation cost.
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SINGAPORE (Aug 14): Luxury watch retailer The Hour Glass Group announced earnings of $7 million for the 1Q18 ended June, down 15% from $8.2 million posted in 1H17 on higher expenses which were largely attributable to a one-time relocation cost.

Revenue for 1Q18 grew 11% to $164.4 million from $148.2 million a year ago, which the group says reflects improved consumer sentiment in selective markets in the region.

Total costs and expenses, however, grew 13% to $157.4 million from $139.6 million a year ago mainly due to a 67% increase in other operating expenses to $4 million from $2.4 million in the previous year.

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