Esprit store in antwerp
01 Mar. 2013
Esprit's interim results: turnover decreased by -13,4%Esprit Holdings Limited has announced results for the six months ended December, 13 2012.
The group's turnover decreased by -13,4% recorded for the six months ended December, 31 2012. Europe remained the Group's biggest region in terms of turnover. Excluding the divestment of North American operations and store closure programme, Europe accounted for 77,9% of total Group turnover and reported turnover decline of -9,1% year-on-year in local currency. The Asia Pacific region performed relatively better than Europe and reported turnover decline of -7,2% year-on-year in local currency. Asia Pacific now accounts for 19,8% of the Group turnover. In North America turnover decreased by -79,6% as consequence of the closure of its loss making operations.
The Group's retail turnover was HK$ 8,102 milion representing a -13,0% year-on-year decline in local currency - compared to HK$ 9,844 million 1H FY11/12. Excluding North America and the store closure programme, the Group's retail turnover represents a year-to-year decline of -5,1% in local currency.
The Group's wholesale turnover was HK$ 5,356 million representing a -13,7% year-on-year decline in local currency.
Esprit Holdings recorded a gross profit margin of 51,0% compared to 50,8% in 2011. Operation loss was recorded of HK$ 265 million manly due to a much lower gross profit contribution from the operation (HK$ 1,581 million decline). After deduction of interest costs and taxes, the Group recorded a net loss of HK$ 465 million.
In the short-term, the Group has announced to focus its efforts on stabilising the business performance by reducing costs, tactically activating the top line and decisively reducing inventory levels.
Additional, the Group will coninue to implement its mid-term initiatives to ensure growth.
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