Esprit Holdings (00330) said Group revenue recorded a decline of 11.8% in local currency for the first quarter ended 30 September 2016 as compared to the same period last year to HK$4,112 million, less than the corresponding reduction in total controlled space of 14.5% year-on-year.
The development of Group sales in 1Q FY16/17 was mainly impacted by reduction in controlled space, unseasonably warm weather in Europe and sales decline in Asia Pacific. Sales decline was driven by lower consumer traffic in the region as well as by the strategic decision to restructure retail footprint and reduce promotional activity in Asia Pacific. As expected, these measures put short term pressure on revenue, but they are crucial for Esprit to regain profitability in the mid-term.
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