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Esprit jumps on H&M's forecast-beating earnings

Wed Jun 18, 2008 10:50pm EDT

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HONG KONG, June 19 (Reuters) - Shares in Hong Kong-based apparel and accessories retailer Esprit Holdings (0330.HK) bucked the downward trend in the broad market to gain nearly 6 percent on Thursday after rival Hennes & Mauritz AB (HMb.ST) beat expectations in its second-quarter earnings.

H&M's results suggest strong demand for apparels despite a lukewarm economic performance in Europe, said analysts.

At 0238 GMT, the stock was up 3.3 percent at HK$86.8 after rising as high as HK$89 at one point.

The stock has been on a downslide in recent weeks on concern over falling demand from the U.S. and Europe amid rising inflation and stagnant growth rates. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)



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