SINGAPORE (Feb 12): Epicentre Holdings, the retailer of Apple products though its EpiCentre chain of stores, has reported a loss of $2.1 million for 1H18 compared to its profit of $0.4 million a year ago on lower revenue.
Revenue for the 1H18 ended Dec 2017 fell 47.4% to $31.5 million from $59.8 million previously on the decline in sales of both Apple and third party products (3PP).
The discontinuation of a major outlet store upon expiry of its lease, in addition to revenue lost from the vacancy of stores under renovation, had also largely impacted the group’s revenue during the half-year period.
In a Monday filing, Epicentre says its overall decline in revenue was further affected by poor retail sentiments as a result of the slowdown in the global economy.
Gross profit margin however improved to 15.76% from 9.71% in 1H17 due to better profit margin from Japan IPL Group, a beauty and wellness services provider which was acquired by Epicentre in April 2017.
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While Epicentre expects challenges in the current operating environment to remain, the group intends to continue focusing on widening its distribution network in existing markets; enhance its operational efficiency; and monitor its operating expenses in the face of economic uncertainties and rising expenses.
Shares in Epicentre closed flat at 9.9 cents on Monday.
