HK-listed retailer Esprit plunges most in near 25 years on weak H1 estimates

Esprit Holdings

23/08/2022 04:57

** Shares of fashion and apparel retailer Esprit Holdings
Ltd  0330.HK  plunge as much as 24.7% to HK$1.16, the biggest
intraday pct drop since October 1997
    ** Stock hits the lowest since Aug 5, and is the
second-biggest pct decliner on the Hong Kong bourse
    ** Esprit forecast to record H1 net profit of HK$13 mln 
($1.66 mln), as compared with HK$121 mln profit in year-ago
period, with revenue falling 6% year-on-year to HK$3.63 bln amid
depreciation of the euro against the HK dollar  urn:newsml:reuters.com:*:nFWN2ZY1K0
    ** Says it will focus on initiatives to drive sales, enhance
operational efficiency, improvement of inventory and receivable
management, optimise cost structure to improve the overall
business performance
    ** The Hang Seng Commerce & Industry Index  .HSNC  eases
0.5%, and the Hang Seng consumer goods and services index
 .HSCGSI  falls 1.3%
    ** The Hang Seng Composite Index  .HSCI  eases 0.5% and the
benchmark Hang Seng Index  .HSI  slips 0.4%
    ** As of last close, stock up 116.9% this year
    ($1 = 7.8463 Hong Kong dollars)

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