Epicentre’s FY16 losses double to $5.8 mil on higher competition and store closures

SINGAPORE (Aug 29): Epicentre, the premium reseller of Apple products, saw FY16 losses double to $5.8 million from $2.9 million a year ago.

Revenue fell 8.1% to $164.1 million largely due to increase in price competition, closure of retail stores, and generally poor retail sentiments as a result of slowdown in global economy.

In FY16, sales mix for Apple products and the Third Party Products (3PP) was 92% and 8% respectively, compared with the sales mix for Apple products and 3PP of 90% and 10% reported in FY2015.

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