Esprit set to achieve five-year profit milestone

The Hong Kong-listed fashion retailer says it estimates its profit attributable to shareholders for the year to Dec. 31 to reach approximately $47 million. This would mark the company’s first full-year net profit since 2017.

Esprit has changed its financial year, so comparisons are not directly comparable. But for the six months to Dec. 31, 2020, the company posted a loss of $53 million, and for the 12 months to Jun. 30, 2020, it lost $503.2 million.

In a stock-exchange filing, Chairman Christin Chiu attributed the profit turnaround to increased sales – especially online – together with a higher gross profit margin, and improved cost controls and inventory management.