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ESPRIT (330 HK) FY16 RESULTS: TURNAROUND HELPED BY COST REDUCTIONS

Executive Summary

  • Esprit announced a net profit of HK$21 million for FY16, a turnaround from the net loss of HK$3.7 billion reported in FY15, due to productivity gains in its retail operations and cost reductions.
  • Improved profitability in FY16 indicated that execution of the group’s strategic plan to develop vertical and omni-channel models is on track.
  • By region, Germany registered positive growth in retail sales, while Asia Pacific remained challenging.
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