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Esprit H1 net profit up 15.7% on robust sales

22
Feb '06
Hong Kong-based fashion retailer Esprit Holdings Ltd has announced interim results for the six months ended December 31st 2005.

The group's turnover soared by 13.1 percent to HK$ 11.8bn in the six months to 31st December. Net profit increased by 15.7 percent to HK$ 1.9bn.

Heinz Krogner, Deputy Chairman and Group CEO, said, “Esprit has once again demonstrated its ability to deliver sustainable growth.”

“Key performance indicators are in line with company's targets,” said John Poon, Deputy Chairman and Group CFO, “notwithstanding around 5 percent drop in the Euro to HKD translation rate, and HK$70 million of share option expense from first adoption of IFRS 2, the Group achieved 18 percent turnover growth in local currency terms, an operating profit margin of 20.4 percent and a net profit margin of 15.8 percent.”

“New space and comp-store growth are both on track,” said Krogner, “while the growth of our core markets continues, newer markets such as Italy, UK and France have demonstrated high growth potentials, each recorded a turnover increase of 59 percent, 36 percent and 29 percent respectively,”

Poon added, “as at December 31, 2005, the group has net cash in excess of HK$1.5 billion and the Board has declared an interim dividend of HK$0.5 per share to be paid on April 7, 2006, an 11.1 percent increase over last year.”

“Global brand expansion will continue,” Thomas Grote, President of ESPRIT brand stated. “In addition to wholesale order booking to June 2006 which shows a local currency high-teens year-on-year growth, we will further open over 500 wholesale point-of-sales and around 40 directly managed retail stores worldwide.”

“With our commitment to profitability and market share expansion, we are confident that Esprit will continue its growth story,” concluded Esprit Chairman Michael Ying.

Headquartered in Hong Kong, Esprit Holdings Limited is engaged in the sourcing, retail and wholesale distribution and licensing of quality and lifestyle products designed under the globally recognized ESPRIT brand name.

Esprit Holdings Ltd


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