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Retailer Esprit swings to profit in H1, revenue dips
February 22, 2017 / 8:58 AM / 10 months ago

Retailer Esprit swings to profit in H1, revenue dips

HONG KONG, Feb 22 (Reuters) - Esprit Holdings Ltd said on Wednesday it returned to a profit for its fiscal first-half, as the clothing company reduced its retail space and trimmed operating costs in response to weak consumer demand and tough online competition.

The Europe-focused retailer posted a net profit of HK$61 million ($7.9 million) for the six months ended in December, compared with a net loss of HK$238 million for the same period a year earlier.

Revenue for the period amounted to HK$8.32 billion, down from HK$9.3 billion a year earlier. ($1 = 7.7608 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Muralikumar Anantharaman)

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