Esprit expects to report a huge loss for FY17/18

The board of directors of Esprit Holdings Limited has issued a statement saying, based on its preliminary review of the unaudited consolidated management accounts of the group for the eleven months ended May 31, 2018, it expects to record a loss of around 2.17 billion Hong Kong dollars (276 million dollars) to 2.27 billion Hong Kong dollars (289 million dollars) for the full financial year ending June 30, 2018. A larger than expected operating loss between 900 million Hong Kong dollars (115 million dollars) and 950 million Hong Kong dollars (121 million dollars) is expected as a result of decline in revenue due to less customers traffic.