Leading international fashion brand for clothing and lifestyle products, Esprit witnessed yet another disappointing quarter as revenues fell in the first quarter ended September 30, 2013.
The Hong-Kong headquartered clothing retailer, witnessed a decline of 0.8 per cent in sales at 6,552 HK$ million in the three months ended September 30, 2013 from 6,603 HK$ million in the same period a year ago.
In local currency terms, the decline in sales was a more prominent 5.2 per cent last quarter.
Sales at its women’s wear division, which is Esprit’s largest product segment and accounts for 36.7 per cent of the company’s revenue fell by 7.2 per cent to 2,407 HK $ million in the quarter ended September 30, 2013 from 2,594 HK$ million in the same period a year ago.
Sales at the company’s men’s division dipped by a whopping 17 per cent, year on year to 845 HK$ million in Q1 FY 2013-14, while at its edc division, revenue fell 7.4 per cent in the same period .
Driven by robust performance in the European market, Esprit’s retail turnover rose by 2.9 per cent to 3,570 HK$ million in the September 30, 2013 quarter from 3,468 HK$ million in the year ago period.
Retail turnover in Europe was up by 11.4 per cent, year on year (5.6 per cent in local currency terms) to 2,697 HK$ million in Q1 FY 2013-14.
Esprit is currently undergoing an overhaul of its supply chain and product offerings and is aiming to lower operating costs as it attempts to revive profitability.
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