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Esprit FY’13 turnover down 11.5 percent

By FashionUnited

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REPORT_ For the full year ended 30 June 2013 Esprit

turnover was down 11.5 percent in local currency terms as compared to last year. Adjusted turnover represented a decline of 7.7 percent year-on-year in local currency terms. There were positive initial results in the second half of FY12-13, particularly the narrowing of turnover decline, reduction in operating costs and decline in cash consumption rate.

Management priorities over the coming financial year will continue to focus on returning the group to profitability through further efforts in cost reduction, inventory normalization and overhauling of core operations. In parallel with these short term priorities, the group will continue to implement its medium-term initiatives to turn around the business and ensure sustainable growth mostly through a continued improvement of the product offering. Another area is enhancing the appeal and productivity of Esprit stores.

Esprit is based in Hong Kong. Esprit expresses a relaxed, sunny Californian attitude towards life and creates inspiring collections for women, men and children. Esprit’s collections are available in over 40 countries worldwide. Raymond Or, chairman of Esprit, commented: “The road to recovery is still full of challenges. However, I remain confident that we are on the right path to restore the group’s sustainable profitability, to build the foundation for our future growth and to achieve our goal of re-establishing Esprit as a leading international fashion brand.”
Esprit