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By
Reuters
Published
Aug 26, 2009
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Fashion chain Esprit's second half profit tumbles 40%

By
Reuters
Published
Aug 26, 2009

HONG KONG, Aug 26 (Reuters) - Esprit Holdings (0330.HK), the world's No.6 fashion retailer by market value, posted a 40 percent fall in second-half profit as global economic woes took a bite out of its core European market.

Esprit
Esprit autumn-winter 2009/2010 - Photo: www.esprit.fr

Esprit, which sells everything from bath towels to shoes, posted a net profit of HK$1.89 billion ($244 million) on Wednesday 26 August for the second half of its fiscal year through June, down from HK$3.16 billion a year earlier, according to Reuters calculations from previously reported figures.

The results lagged an average estimate of a HK$2.44 billion profit for the second half, according to 15 analysts polled by Reuters Estimates.

The company reported a profit of HK$4.75 billion for the fiscal year through June, also short of a consensus forecast for a HK$5.29 billion profit and compared to a year-ago profit of HK$6.45 billion.

(US$1=HK$7.75)

(Reporting by Donny Kwok; editing by Chris Lewis)

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