Esprit first quarter turnover slips

Clothing retailer Esprit Holdings Ltd reported a 14.9 percent slide in first-quarter turnover on October 26 as sales in Europe lagged and it cut its store footprint. Turnover in Hong Kong dollar terms fell to HK$4.7 billion in the three months ended September 30, while the company cut its total controlled floor space by 7.6 percent.
Turnover in Germany, which is the company's biggest market and accounts for nearly half of its business, fell 15.5 percent. Turnover in the rest Europe - its second biggest market - fell 15.4 percent. In local currency terms, turnover fell 0.4 percent.