LONG troubled leisurewear distributor Esprit, that includes much bodywear in its assortment, reported a net loss of HKD 3.7bn, equivalent to USD 477.45m, for its full year 2014/15. A decline of over 15 per cent in sales, to HKD 19.42bn, was attributed to the economic slowdown in China and to a weak Euro. News agency Reuters reported that the chain’s retail sales area could shrink again in the current year as a result of the closure or downsizing of underperforming stores. Since January 2015, Esprit shares have lost 27.9 per cent of their value on the Hang Seng index.
Despite extensive restructuring, the chain has still not recovered from the serious setbacks it suffered during the economic downturn of 2009.