Esprit up by 0.6% to HK$8.55bn

Esprit reported a slight increase in first quarter revenue, despite recording

an "increasingly challenging business environment, due to slower global economic growth and the worsening of the Eurozone debt crisis.”

The retailer today (31 October) said that revenue was up 0.6% to HK$8.55bn (US$1.1bn) for the quarter ended 30 September. In local currencies, sales fell 8.2% over the period. The company, which competes with Hennes & Mauritz AB and Inditex SA in the global apparel retail market, said in a statement its unaudited revenue in the first quarter of its financial year ending June 30 was up from HK$8.51 billion a year earlier.

According to the corporate communication, European sales, which accounts for 80.7% of turnover, was down 9.2% to HKD6.9bn, while sales in Asia Pacific fell 5.6% to HKD1.4bn, while North American sales rose 5.5% to HKD284m. The firm didn't disclose net profit.

Comparable-store sales fell 8.5% over the quarter and were down 9.6% in Europe, and 5.6% in its Asia Pacific division. Meanwhile, retail sales were up 0.8% to HK$4.3bn, but down 7.8% in local currency, while wholesale revenue inched up 0.2% to HK$4.2bn, but fell 8.8% in local currency.
Esprit announced in September that it plans to shutter its US operations and close its retail businesses in a number of other countries as part of turnaround plans.