HONG KONG: Esprit Holdings FY profit slumps 26%
- Turnover flat at HK$34.5bn
- Net profit down 26% to HK$4.75bn
- Retail comps up 3.5%
Fashion group Esprit Holdings saw its full-year profit fall back 26% to HK$4.75bn (US$613m) despite posting continued growth from its retail operations.
The Hong Kong-based company said its turnover for the year ended 30 June was flat at HK$34.5bn, but added that retail turnover was up 10%, boosted by a 3.5% increase in comparable store sales.
Retail sales now account for 47% of group revenues, up from 43% in the previous year.
However, its second half profit fell 40% to HK$1.89bn, leaving the company with a lower than expected full-year profit figure.
"This year, the robustness of our company was put to the ultimate stress test," said Esprit Holdings chairman and CEO Heinz Krogner.
He said he was "proud" of the resilience of the company's business model, adding: "Nevertheless, I see difficult times as a wake-up call and I have taken this opportunity to strengthen and consolidate the operating platform, all in preparation for future growth as the global economy recovers."
Help test our new apparel sourcing tool.
US retail giant Wal-Mart struck an upbeat note on the performance of its namesake US business today (18 February), despite posting a decline in sales during the fourth quarter....
US apparel company Jones Apparel Group continues to shutter stores in a bid to focus on core brands, but is not ruling out further acquisitions after the purchase of Robert Rodriguez Collection this m...
Woolworths Holdings booked a rise in first-half profits today (18 February) but sounded a cautious note on the South African and Australian markets....
A fourth quarter sales surge of more than 30% helped footwear company Skechers to post a net profit of US$27.9m, up from a $20.4m loss in the same period last year....
Women's wear retailer The Talbots is now anticipating stronger than expected fourth quarter operating results, thanks to positive sales trends....
US fashion retailer Abercrombie & Fitch has scraped to a full-year profit after sales fell and the company was hit by costs for the closure of its Ruehl chain....
US women's wear retailer Bebe Stores has seen first-half profit slip 91% as sales tumbled....
- Hard hit Turkish industry is not knocked out
- "Power of the many" drives change at Otto Group
- China leads US apparel sources with falling prices
- Vietnam grows share of US apparel imports in 2016
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- Bangladesh crackdown has cost garment sector $100m
- Inditex and H&M boycott Dhaka Apparel Summit
- Macy's will "do the right thing", says Lundgren
- JC Penney to close 140 stores amid lower sales
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022