Esprit: European Headquarters in Ratingen. (PIC: Esprit)
Esprit: European Headquarters in Ratingen. (PIC: Esprit)
 

07 Sep. 2010

ESPRIT: DECLINE OF TURNOVER AND NET PROFIT

Esprit Holdings Limited announced its final results for the year ended June 30, 2010. The group recorded a turnover of HK$33.7 billion compared to a turnover of HK$34.5 billion for the year ended June 30, 2009.  Also net profit after tax declined as for the year ended June 30, 2010 net profit was HK$4.2 billion compared to HK$4.7 billion in the year ended June 30, 2009.

Nevertheless, retail turnover grew 9.3% year-on-year and gross profit margin improved by 2.6 percentage points to 54.7%. Especially in China the company sees great potential as Heinz Krogner, Chairman of the Company pointed out. “The buyback of the remaining 51% equity interest in the China operations is a key milestone of the year,” Krogner said. “It will become Esprit’s new growth engine driving further expansion of the group.” The company is targeting to even double the China turnover in five years time by increasing the number of point-of-sales by at least over 70%.

Esprit Holdings Limited operates over 1,100 directly managed retail stores worldwide and distribute via more than 12,000 point-of-sales in more than 40 countries.
Susannah Carey

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