Singapore based lifestyle products retailer Osim says trade across all its core markets were soft in the last three months.
“This has been another challenging quarter,” the company said, declaring sales of SG$159 million and a profit of $29 million.
“Despite these challenges, 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.”
Osim has 560 retail stores in 23 countries, with China maintaining its place as its largest market, where it has 251 stores in 45 cities.
New products including uMagic, uInfinity Luxe, uDiva, uHip, uSqueez Air, uTrek and uShape Music helped sustain Osim’s dominant position in the category.
“Our GNC outlets are doing well. We have a total of 220 GNC/RichLife outlets in ONI Global
and we are growing our sales through new product launches,” the company said.
Osim also operates 47 TWG Tea outlets, having opened four new ones in the quarter and with plans to open a further 11 in the second half of the year.
“We remain optimistic on the prospects for the remainder of the year following launch of uMagic in key markets and upcoming planned product launches,” the company said in its stock exchange filing.