By
Reuters
Published
Oct 31, 2011
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Esprit July-Sept sales up 0.6 pct yr/yr

By
Reuters
Published
Oct 31, 2011

Esprit Holdings Ltd said on Monday that total sales in the three months ended September rose 0.6 percent from a year earlier in Hong Kong dollar terms amid weaker global demand.

Esprit
Gisele Bündchen for Esprit AW 2011-12 / Photo: Esprit

Stripping out the foreign exchange impact of its local operations, revenue in the period fell 8.2 percent in local currency terms. Wholesale revenue was down 8.8 percent while retail revenue was down 7.8 percent.

Esprit, which competes with Swedish clothing retailer Hennes & Mauritz AB , U.S. group GAP Inc and Spain's Inditex SA , posted HK$8.56 billion ($1.1 billion) in sales for July-September, the first quarter of its fiscal year, down from HK$8.51 billion a year earlier, according to a filing to the Hong Kong Stock Exchange.

The Hong Kong's largest listed apparel and accessories retailer by market value, which depends on Europe for about 80 percent of its sales, is withdrawing from some underperforming markets and also spending millions of dollars to revive its brand.

Shares of the embattled fashion retailer have been under pressure in a market increasingly sceptical of its turnaround plans. The stock has fallen 69.2 percent so far this year, against a 13.7 percent fall in the benchmark Hang Seng Index .

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