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Esprit stops loss despite pandemic

Translated by

Nikola Mira


April 2, 2021

Esprit Has changed its earnings reporting period and recently released “annual” figures for the second half of 2020. The current fiscal year end has shifted from June 30th to December 31st.

Esprit was able to stop the loss-Esprit

As a result, the group’s latest “annual” results cover only a six-month period, which makes it difficult to compare with the results of the previous fiscal year.

However, as part of the company’s restructuring efforts, Esprit seems to have been able to slightly stop losses, reduce losses on exceptional items and cancel debt worth HK $ 2.34 billion. ..

The group’s annual loss of HK $ 414 million (approximately € 41 million) was HK $ 3,992 million recorded in the previous fiscal year, despite the pandemic’s negative impact on Esprit’s retail and wholesale operations. Was much lower than. ..

This promising result is due to the hard work of management, the success of Esprit’s restructuring program, and rigorous cost savings.

Esprit’s total revenue for the period fell to HK $ 858 million (approximately € 88 million) after the deconsolidation of the group’s six German subsidiaries.

The latter accounted for more than 80% of Esprit’s consolidated revenues and key market activity during the 2019-20 fiscal year.

“The past fiscal year has been tough for the group. The impact of the pandemic on retail is particularly acute. Directly owned and franchised espris due to blockades imposed across Europe, and numerous. Wholesale partner stores sometimes had to be closed for several weeks at a time. Even if certain stores reopened, health protection measures prevented customers from going shopping, “said Esprit CEO Mark.・ Daily says.

Daily hopes the group will return to a growth trajectory in both Asia and Europe in the long run. However, this ambitious goal has not yet been achieved. Esprit will continue to develop “aggressive measures” to address the pressing challenges posed by the pandemic, focusing on regaining profits within the next two years.

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Esprit stops loss despite pandemic

Source link Esprit stops loss despite pandemic

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