February 28, 2018 / 9:11 AM / 10 months ago

Fashion group Esprit swings to $122 million net loss in first half

FILE PHOTO: A company logo of Esprit can be seen at the entrance of one of its stores in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo

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

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