HONG KONG: Esprit in first-half profit warning
Hong Kong-based clothing brand Esprit has issued a first-half profit warning as the company continues with efforts to restructure its business.
Esprit yesterday (18 December) said it expects to record a loss for the six months to the end of December. It blamed worse-than-expected operating results for the period after the group's first quarter results.
The company said it will continue to focus its efforts on rebuilding and revitalising the brand, overhauling its products including an improvement in quality, and to provide better efficiencies in its supply chain and distribution channels.
Esprit also said it believes these actions will help return the group to growth when the market recovers.
Last month, the clothing brand saw its share price rise after a rights issue was more than seven times oversubscribed.
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