Brief: Esprit Holdings Targeting Reduction Of About 40% Of Non-Store Employees

Esprit Holdings

26/11/2018 13:51

Nov 26 (Reuters) - Esprit Holdings Ltd  0330.HK :
    * TARGETING REDUCTION OF NON-STORE EMPLOYEES OF ABOUT 40%
    * TARGET ANNUALIZED EXPENSE SAVINGS OF HK$2 BILLION
EFFECTIVE
FY19/20, FROM RESTRUCTURING AND TARGETED CLOSURE OF LOSS MAKING
STORES
    * AIMS TO RETURN TO REVENUE GROWTH IN FY20/21
    * FOR FY18/19, EXPECTS HK$1.5-1.7 BILLION IN ONE-OFF COSTS
TO
RESTRUCTURE ORGANIZATION AND ACCELERATE CLOSURE OF LOSS MAKING
STORES
    * FOR MEDIUM TERM CAPEX OUTLOOK "AVERAGE OF APPROXIMATELY
HK$200
MILLION PER ANNUM"
    * TARGETS ABOUT 300 STORE OPENINGS BY 2023 AS PART OF ASIA
RETAIL
STRATEGIC INITIATIVES
    * EXECUTIVE MANAGEMENT TEAM REDUCED FROM 13 TO 6

Source: (https://www.esprit.com/index.php?command=ItemDownload&class=Esprit_Model_IR_DocAttachment&identity=1532)

Further company coverage:  0330.HK 

 ((Reuters.Briefs@thomsonreuters.com;))