HONG KONG: Esprit expects to swing to H1 profit
Esprit's share price rose 1.78% to HKD15.98 today
Hong Kong fashion brand Esprit has seen its share price increase after it said it expects to return to profit in the first half, after reducing expenses.
The company, which is in the midst of a turnaround plan to focus more on fast fashion, said it expects to record a "slight profit" during the first half to 30 June, compared a loss in the same period of the prior year.
This, Esprit said, is mainly due to a reduction in operating expenses.
The news comes after the retail chain tweaked its turnaround plan in September, after it swung to a full-year loss of HKD4.3bn (US$554.5m).
Sales fell 11.5% in local currency terms to HKD25.9bn, mainly due to a decline in Europe as well as the decision to shutter its North American operations. Excluding the impact of the store closures, turnover fell 7.7% on the prior year to HKD25.52bn.
Esprit's share price rose 1.78% to HKD15.98 after the market closed this morning (23 January).
More than 150 companies have now signed the new Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in April last year, which killed more than 1,...
Esprit has taken significant measures to overhaul its operations, distribution and branding through a high-cost transformation plan. However, with a focus on fragile Western Europe and intensely compe...
Footwear in India industry profile provides top-line qualitative and quantitative summary information including: market size (value 2008-12, and forecast to 2017). The profile also contains descriptio...
Footwear in Spain industry profile provides top-line qualitative and quantitative summary information including: market size (value 2008-12, and forecast to 2017). The profile also contains descriptio...
Spanish sustainable textile technology firm Jeanologia is building its partnership with the Vinatex group with the aim of making Vietnam a global centre of excellence in the production of jeans....
Childrenswear in Germany industry profile provides top-line qualitative and quantitative summary information including: market size (value 2008-12, and forecast to 2017). The profile also contains des...
- PSF 2014: No one size fits all in apparel sourcing
- Teen retail being rocked by fast fashion headwinds
- PSF 2014: Shifting focus from cost to consumer
- US retailers' March 2014 sales roundup
- Bangladesh industry development moving backwards
- H&M "pushing the process" on sustainable fashion
- Adidas plans mobile phone hotline at all suppliers
- Gap issues mirror widespread industry challenges
- VF Corp eyes speed to market with China hub
- Declining sales push Coldwater Creek to bankruptcy
- Ethiopia – the emerging textile and clothing industry
- Antimicrobial fibres, fabrics and apparel: innovative weapons against infection
- Jeans in Italy
- Trade and trade policy: clothing imports, consumer expenditure and trends in five emerging markets: Brazil, Colombia, India, Kazakhstan and Peru, 4th quarter 2013
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects