Home / Knowledge / News / Apparel/Garments / Esprit targets double turnover in China
Esprit targets double turnover in China
07
Sep '10
Esprit Holdings Limited announced final results for the year ended 30 June 2010.

The Group recorded a turnover of HK$33.7 billion with a gross profit of HK$18.4 billion and net profit after tax of HK$4.2 billion. Cash and bank balances increased to HK$6.7 billion as at 30 June 2010. Basic earnings per share were HK$3.35 for the year ended 30 June 2010.

“The Board of Directors has proposed to declare a final dividend of HK$0.67 per share (2009: Final dividend of HK$0.72) and increasing the regular dividend payout ratio from last year's 40% to 60% going forward, as a testament of the Company's commitment to share our success with shareholders,” remarked Mr. Heinz Krogner, Chairman of the Company.

Mr. Ronald Van der Vis, Group Chief Executive Officer, said “Our Six Strategic Initiatives program was launched during the year to strengthen our platform for growth and profitability by making our brand, products and stores more inspirational for our customers.

“Moreover, the initiatives focus on making our sourcing activities more efficient and our management and support functions more effective. I am pleased to see that we have made great progress, just six month after the kick-off. Thanks to the joint efforts of various teams within the Group, actionable growth plans are ready for implementation. We are well under way to create an even better and bigger Esprit.”

Mr. Fook Aun Chew, Group Chief Financial Officer, commented, “Despite the tough macro environment, the Group continued to achieve good results in delivering 9.3% retail turnover growth and an improvement in gross profit margin by 2.6 percentage points to 54.7% and expanding total selling space by 2.1% or 23,144 m2 year-on-year (wholesale and retail channels combined).

“As a result of our continuous effort to improve working capital, the inventory and net trade debtors balances declined 18.1% and 21.4% year-on-year, respectively, and the cash flow from operating activities increased 2.7% yearon- year to HK$5,412 million. The Group continued to maintain a strong balance sheet positions with cash and bank balances of HK$6,748 million as at 30 June 2010.”

“The buyback of the remaining 51% equity interest in the China operations is a key milestone of the year. It will become Esprit's new growth engine driving further expansion of the Group,” said Mr. Krogner. The Company is targeting to double the China turnover in five years time, expanding from an existing base of 169 cities to over 400 cities, increasing the number of point-of-sales and selling space by at least over 70% in China. EBIT margins are expected to improve from the low-teens to high-teens.

“Looking forward, although the economic conditions seem to be improving, the road to full recovery of consumer confidence is still distant and there remains the risk of further volatility in the global economy. However, I believe without a doubt that with our teams' passion, adaptability and drive, the prospect of Esprit is only going one way – brighter and better,” concluded Mr. Van der Vis.


Must ReadView All

US announces final CVD on fine denier PSF from China, India

Textiles | On 19th Jan 2018

US announces final CVD on fine denier PSF from China, India

The US secretary of commerce Wilbur Ross recently announced the...

EU consumers to gain from cheaper, safer, better e-payments

Apparel/Garments | On 19th Jan 2018

EU consumers to gain from cheaper, safer, better e-payments

European consumers can now reap the full benefits of paying online...

Courtesy: Epson

Textiles | On 19th Jan 2018

Epson's new SC F2100 enhances DTG printing

Epson, a leader in inkjet printers and digital textile printing...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search