SINGAPORE (Nov 7): The Hour Glass has reported a 29% rise in 2Q18 earnings to $10.7 million from $8.3 million in 2Q17.
The retailer of luxury watches says improved consumer sentiment in selective markets in the region and the pickup in overall economic activity in key markets contributed to the group’s gains, says The Hour Glass, suggesting that luxury brands still have room for growth despite current challenging business conditions.
Revenue for the three months to Sept rose 6% to $173 million. Gross margin was 22.2%, up from 21.4% a year ago. Profit after tax was $10.9 million, an increase of 27% compared to 2Q17.