Cortina attributes the 2HFY2023 y-o-y earnings drop to a one-off written back of stock provision due to the exchange of inventory in the prior year which was not present in the current second half-year.
Watch retailer Cortina Holdings (SGX:C41
) has reported earnings of $76.5 million for its FY2023, up 11% over the preceding year ended March 2022. Revenue in the same period was up 15% y-o-y to $826.6 million.
However, for the recent 2HFY2023, earnings dropped by 15% y-o-y to $36.3 million, even though revenue was up 7% y-o-y to $419.7 million.
