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).
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