Esprit's annual revenues decline by 12.9 percent

Impacted by the group’s decision to close unprofitable stores and resize the retail store footprint which led to a year-on-year reduction in total controlled space of 14.3 percent and exceptional items totalling 1,493 million Hong Kong dollars (190.7 million dollars), Esprit Holdings Limited reported revenue decline of 12.9 percent excluding the effect of foreign exchange to 12,932 million Hong Kong dollars (1,652 million dollars). The company said, in terms of profitability, pressure from revenue decline was outweighed by successful reduction in regular OPEX. The results showed an underlying LBIT of negative 587 million Hong Kong dollars (74.9 million dollars) before exceptional items, compared with negative 909 million Hong Kong dollars in the previous fiscal.