Brief: Esprit Posts Qtrly Total Revenue Of HK$2,368 Mln

Esprit Holdings

27/04/2020 11:28

April 27 (Reuters) - Esprit Holdings Ltd  0330.HK :
    * QTRLY TOTAL REVENUE HK$2,368 MILLION VERSUS HK$3,156
MILLION
    * DECIDED TO CLOSE ALL 56 RETAIL STORES IN ASIA OUTSIDE
MAINLAND
CHINA
    * PROPOSED STORE CLOSURE TO RESULT IN EXCEPTIONAL ONE-OFF
COSTS IN
RANGE OF HK$150 MILLION TO HK$200 MILLION
    * 6 GERMAN UNITS APPLIED FOR PROTECTIVE SHIELD PROCEEDING; A
RESTRUCTURING PLAN IS BEING DEVELOPED BY MANAGEMENT
    * ONE-OFF COSTS FROM PROPOSED STORE CLOSURE WILL HAVE
NEGATIVE
IMPACT ON GROUP'S RESULTS FOR FY ENDING 30 JUNE
    * NEGOTIATING WITH LANDLORDS ACROSS ALL MARKETS TO SEEK
RENTAL
RELIEF, RENT REDUCTIONS
    * WILL TERMINATE STORES WITH RENTAL TERMS THAT COULD NOT
PROVIDE
VIABLE BUSINESS PERFORMANCE
    * NON-EXECUTIVE DIRECTORS ACCEPTED 20% REDUCTION OF
DIRECTORS'
FEES
    * EXECUTIVE CHAIRMAN & GROUP CEO ARE FORGOING THEIR
REMUNERATION
DURING RESTRUCTURING PERIOD
    * EXECUTIVE MANAGEMENT TEAM ACCEPTED 35% REDUCTION DURING
RESTRUCTURING PERIOD

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS6bqLX0
Further company coverage:  0330.HK 

 (Reuters.Briefs@thomsonreuters.com)