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Esprit reports positive Q3 retail performance

By FashionUnited

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The board of directors of Esprit Holdings in its unaudited FY12/13

third quarter update of the Company and its subsidiaries for the nine months ended March 31, 2013 reported that company’s comparable store sales decline narrowed to 1.5 percent in the third quarter. This better retail sales performance during the quarter was mainly attributed to factors like early arrival of Easter Holiday in late March this year as compared to April last year and more aggressive promotional activities.

In terms of wholesale, the narrowing of the decline in turnover was minus 9.6 perent in Q3 FY12/13 compared to minus 13.7 percent in 1H FY12/13 mainly attributable to the favorable impact from wholesale support measures. In terms of profitability, due to the promotional activities and wholesale support measures, the Group’s gross profit margin recorded a slight decline year-on-year.

Based on its review of the unaudited consolidated management accounts of the Group for the nine months ended 31 March 2013, the Board has informed the shareholders of the Company and potential investors that the Group is expected to record a substantial loss in the second half of the financial year ending 30 June 2013, which would result in an overall substantial loss for the Group in respect of the financial year ending 30 June 2013.

The management team remains committed to working on the short-term and medium-term initiatives as mentioned in the FY12/13 interim report in order to revitalize the business, with particular focus on product improvement as a priority, and to make adaptations and fine tuning whenever necessary in order to react to the market conditions and business development. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the securities of the Company.
Esprit