Esprit F1 sales growth improves to -0.2 percent

Esprit has announced its unaudited first quarter

update of the company for the financial year 2012/13 and its subsidiaries for the three months ended September, 30 2012. The group’s retail comparable stores sales growth improved to -0.2 percent compared to -8.5 percent in 2011, attributable by the +1.1 percent (2011: -9.6 percent) retail comparable store sales growth in Europe.

Last year, the group took initiative to divest its North American operations to eliminate unprofitable operations and established a store closure programme for loss making stores. Excluding store closure programmes and North America, Group turnover declined by -10.9 percent in local currency term (-19.7 percent in Hong Kong dollar term).

Esprit is one of the most well-known fashion brands in the world, offering smart, youthful, affordable luxury fashion. The Esprit Group operates more than 1,000 directly managed retail stores worldwide and distributes its products via more than 10,000 wholesale locations internationally, occupying total selling space of over 1 million square metres worldwide.