February 28, 2018 / 9:08 AM / 3 months ago

Fashion group Esprit swings to $122 mln net loss in H1

HONG KONG, Feb 28 (Reuters) - Fashion group Esprit Holdings Ltd swung to a net loss in the first half, hit by weak sales at its brick-and-mortar retail stores as it rationalised its distribution footprint, and goodwill impairment due to a decline in the China business.

The Europe-focused clothing retailer on Wednesday reported a net loss of HK$954 million ($121.85 million) for the six months ended December, compared with a profit of HK$61 million in the year-ago period. Revenue slid to HK$8.04 billion from HK$8.32 billion.

Esprit Holdings had in January flagged of a net loss of up to HK$980 million for the July-December period. ($1 = 7.8292 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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