HONG KONG (Reuters) - Fashion group Esprit Holdings Ltd (0330.HK) swung to a net loss in the first half, hit by weak sales at its brick-and-mortar retail stores as it rationalized its distribution footprint, and goodwill impairment due to a decline in the China business.
The Europe-focused clothing retailer on Wednesday reported a net loss of HK$954 million ($121.85 million) for the six months ended December, compared with a profit of HK$61 million in the year-ago period. Revenue slid to HK$8.04 billion from HK$8.32 billion.
Esprit Holdings had in January flagged of a net loss of up to HK$980 million for the July-December period.
Reporting by Donny Kwok; Editing by Subhranshu Sahu