February 21, 2014 / 4:51 AM / in 4 years

Esprit swings into profit in H1 as turnaround plan kicks in

HONG KONG, Feb 21 (Reuters) - Esprit Holdings Ltd said on Friday it had swung into profit in the first half of the year, helped by its plan to cut costs and revamp its supply chain.

The clothing retailer made a net profit of HK$95 million ($12.25 million) in the six months ended Dec. 31, compared with a loss of HK$465 million for the same period a year earlier.

The company last made a profit in the period ending June 2012.

Esprit, which forecast a first-half profit last month, also repeated a warning that the second half of the year is typically weaker.

First half turnover fell to HK$12.81 billion from HK$13.55 billion last year.

Shares of Esprit are about flat so far this year compared with a roughly 3.5 percent decline in the benchmark Hang Seng Index. ($1 = 7.7556 Hong Kong dollars) (Reporting by Clare Baldwin; Editing by Miral Fahmy)

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