Chinese retailer Esprit Holdings Limited has posted declines in full-year sales and profit, citing the “tough macro environment”.
The company posted turnover of HKD$33.7bn (US$4.3bn) for the year ended 30 June, compared to $34.5bn in full-year 2009, a decrease of 2.4%.
Net profit for the period was $4.2bn, down from $4.7bn in the prior year, a 10.6% decline.
Fook Aun Chew, group chief financial officer, said: “Despite the tough macro environment, the group continued to achieve good results in delivering 9.3% retail turnover growth and an improvement in gross profit margin by 2.6 percentage points to 54.7% and expanding total selling space by 2.1% or 23,144 m2 year-on-year (wholesale and retail channels combined).”
Click here to view the company’s full financial statement.
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