Brief: Esprit Holdings Says HY Loss Attributable HK$1,773 Million

Esprit Holdings

26/02/2019 08:48

Feb 26 (Reuters) - Esprit Holdings Ltd  0330.HK :
    * HY REVENUE HK$6,766 MILLION VERSUS HK$8,039 MILLION
    * HY LOSS ATTRIBUTABLE HK$1,773 MILLION VERSUS LOSS OF
HK$954
MILLION
    * EXPECTS REVENUE TO INCREASE AT COMPOUND ANNUAL GROWTH RATE
OF
MID-TO-HIGH SINGLE-DIGIT PERCENT IN LOCAL CURRENCY TERMS BETWEEN
FY19/20 & FY23/24
    * GROUP IS ON TRACK TO ACHIEVE TARGET FOR REDUCTION OF
NON-STORE
EMPLOYEES BY ABOUT 35% TO 40%
    * GROUP EXPECTS TO ACHIEVE BREAKEVEN IN TWO TO THREE YEARS'
TIME
    * GROUP PLANS TO ACHIEVE FURTHER SAVINGS ON RENTAL COSTS BY
MERGING FIVE OFFICES IN RATINGEN INTO ONE AND DOWNSIZING HK
OFFICE
    * UNDERLYING OPERATING PROFIT MARGIN EXPECTED TO EXPAND
GRADUALLY
TO MID-SINGLE DIGIT PERCENTAGES BY FY22/23 IN LCY
    * BOARD MAINTAINS DIVIDEND PAYOUT RATIO OF 60% OF BASIC
EARNINGS
PER SHARE
    * A NEW STORE CONCEPT IS UNDER DEVELOPMENT AND ROLL-OUT WILL
COMMENCE IN SECOND HALF OF 2019

Source text for Eikon:  ID:nHKS6HHJj6 
Further company coverage:  0330.HK 

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