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ESPRIT: flagging sales caused loss in 2014/15

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.

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Despite extensive restructuring, the chain has still not recovered from the serious setbacks it suffered during the economic downturn of 2009.

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