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 180 companies have now signed the Accord on Fire and Building Safety in Bangladesh following the collapse of the Rana Plaza factory building in Dhaka, which killed more than 1,100 people las...
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...
Introduction Global Footwear industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profile al......
Introduction Footwear in United Arab Emirates industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018......
Introduction Footwear in Norway industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profile......
- Marks & Spencer to extend mobile phone monitoring
- China tightens on corporate social responsibility
- Outdoor industry's future must be more inclusive
- Factoring: a lifeline for apparel suppliers?
- Who has signed the Bangladesh safety accord?
- Adidas "Reebok sale" would be admittance of defeat
- Cambodia clothing factory collapse injures eight
- H&M and The North Face commit to responsible down
- Bangladesh taps factory inspectors ahead of review
- Coats to open new zip factory in Bangladesh
- Ethiopia – the emerging textile and clothing industry
- Apparel Market in China to 2018 - Market Size, Trends, and Forecasts
- Global market review of denim and jeanswear – forecasts to 2020
- Wool in the 21st Century: new prospects for a familiar fibre
- Prospects for the Textile and Clothing Industry in Vietnam