May 3, 2018 / 1:34 AM / in 23 days

BRIEF-Esprit Holdings Initiates Process To Divest Loss-Making Operations In Australia & NZ

May 3 (Reuters) - Esprit Holdings Ltd:

* TO INITIATE PROCESS TO DIVEST LOSS-MAKING OPERATIONS IN AUSTRALIA AND NEW ZEALAND

* DIVESTMENT INVOLVES CLOSING DOWN 67 DIRECTLY MANAGED RETAIL STORES, INCLUDING 38 CONCESSION COUNTERS IN DEPARTMENT STORES AND 13 OFF-PRICE OUTLETS

* FOR FY ENDED 30 JUNE 2017, ANZ OPERATIONS CONTRIBUTED HK$297 MILLION TO GROUP’S REVENUE

* ONE-OFF COSTS EXPECTED TO HAVE A NEGATIVE IMPACT ON RESULTS FOR FY ENDING 30 JUNE 2018

* INTENDED DIVESTMENT TO RESULT IN ONE-OFF COSTS BETWEEN HK$150 MILLION TO HK$200 MILLION Source text for Eikon: Further company coverage:

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