HK's apparel group Esprit jumps most in 13 months on upbeat outlook

Esprit Holdings

13/08/2021 03:28

** Shares of fashion and apparel retailer Esprit Holdings
Ltd  0330.HK  jump 30.6% to HK$0.81, the biggest daily pct gain
since July 2020
    ** Stock hits the highest since June 25; third-biggest pct
gainer on the Hong Kong bourse
    ** Esprit expects to post net profit of HK$110 mln ($14.14
mln) for six months ended in June vs HK$3.6 bln loss a year
earlier 
    ** Its first profitable half-year since the financial year
ended in June 2017  urn:newsml:reuters.com:*:nFWN2PJ0D9
    ** Attributes turnaround to reduction in writedowns of
inventories, cost control and e-commerce sales improvement among
other reasons
    ** Expects total rev to fall ~6% to HK$3.8 bln on COVID-19
lockdowns in its major markets and management's decision to
terminate all physical retail shop ops in APAC
    ** The Hong Kong Hang Seng consumer goods and services index
 .HSCGSI  gains 0.1%
    ** The Hang Seng China Enterprises Index  .HSCE  slips 0.5%,
and the benchmark index  .HSI  eases 0.3%
    ** The stock plunged 42.3% this year, as of last close
    
($1 = 7.7816 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))