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Esprit sees revenue decline 7.2% in 9 months ended Mar. 31

May. 11, 2012 (China Knowledge) - Esprit Holdings Ltd<0330>, one of the world's leading clothing retailers, said its revenue for the first nine-months ended Mar. 31, 2012 decreased by 7.2% from HK$25.86 billion to HK$24 billion or about US$3.09 billion.

The Hong Kong-listed firm attributed the decline to continued weakness in its wholesale business and European sales.

Revenue in Europe, accounting for 79% of total revenue, declined 7.8% from a year earlier to HK$18.86 billion, while revenue in Asia amounted to HK$4.27 billion, down 5% from a year earlier.

Esprit added 11 and 31 outlets in Europe and Asia in the reporting period, respectively. The firm's total store volume had totaled 1,001 at the end of March 2012.

The company has announced plans to divest its retail operations in North America, which has yielded a net write-back of approximately HK$700 million, said Esprit.

Esprit, however, did not disclose net profit for the nine months ended Mar. 31, 2012.

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