OSIM International, the retailer of luxury massage chairs, saw 2Q earnings fall 24% to $22 million, or 3 cents per share, in 2Q15 from $30 million in 2Q14.
Sales in 2Q ended June fell 13% to $159 million while 2Q profit before tax fell 25% to $29 million.
OSIM says this has been another challenging quarter as retail sales across the core countries have been soft.
“Our dominant brand has enabled us to maintain a stable gross margin and cash generative business. We are continuing to invest for growth supported by a strong balance sheet,” says Osim in its filing.
But the group remains optimistic on the prospects for the remainder of the year following launch of uMagic in key markets and upcoming planned product launches, it adds.
OSIM currently has 560 outlets. China continues to be its No. 1 market where it is in 45 cities with 251 outlets.
OSIM says its GNC outlets are also doing well.
It currently has a total of 220 GNC/RichLife outlets in ONI Global and is growing sales through new product launches.
TWG Tea now has 47 outlets are Osim plans to open about 11 new outlets for second half of the year.
In 2Q, OSIM bought back $29 million of shares.
As at June 30, 2015, cash and cash equivalents and fixed income investments stood at $443 million.
The board is recommending an interim dividend of 2 cents per share.
OSIM closed flat at $1.455.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
Sales in 2Q ended June fell 13% to $159 million while 2Q profit before tax fell 25% to $29 million.
OSIM says this has been another challenging quarter as retail sales across the core countries have been soft.
“Our dominant brand has enabled us to maintain a stable gross margin and cash generative business. We are continuing to invest for growth supported by a strong balance sheet,” says Osim in its filing.
But the group remains optimistic on the prospects for the remainder of the year following launch of uMagic in key markets and upcoming planned product launches, it adds.
OSIM currently has 560 outlets. China continues to be its No. 1 market where it is in 45 cities with 251 outlets.
OSIM says its GNC outlets are also doing well.
It currently has a total of 220 GNC/RichLife outlets in ONI Global and is growing sales through new product launches.
TWG Tea now has 47 outlets are Osim plans to open about 11 new outlets for second half of the year.
In 2Q, OSIM bought back $29 million of shares.
As at June 30, 2015, cash and cash equivalents and fixed income investments stood at $443 million.
The board is recommending an interim dividend of 2 cents per share.
OSIM closed flat at $1.455.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment