Esprit increases net profit in FY 2011/12Wednesday, 26 September 2012
Hong Kong based Esprit Holdings Limited has recorded
an increase in its net profit in the financial Year 2012. The net profit of 873 million HK dollars (112.60 million dollars) was registered against 79 million HK dollars (10.19 million dollars) in FY2011. Its net profit margin stood at 2.9 percent, up 2.7 percent points compared to 0.2 percent in the last financial year.
The Group recorded a 69.2 percent rise in operating profit of 2012 to 1,171 million HK dollars (151.02 million dollars in 2011). It was 692 million HK dollars (89.25 million dollars), reflecting an EBIT margin of 3.9 percent, the same in 2011 stood at 2.0 percent. The Group’s retail EBIT margin improved to 6.5 percent, in 2011 it was 5.4 percent. The wholesale EBIT margin decreased to 17.7 percent compared to 22.9 percent in the same period last year. The Group recorded a gross profit of 15,206 million HK dollars (1961.07 million dollars), while in 2011 it was 18,198 million HK dollars (2347.01 million dollars ) reflecting a gross profit margin of 50.4 percent compared to 53.9 percent in 2011.
Commenting on the results, Mr. Thomas Tang, Esprit’s Group Chief Financial Officer, said, “As a result of the first year of the Transformation Plan, our operating profit in FY11/12 has grown despite the significant spending and the challenging operating environment. Our collection is being invigorated and we are delivering an exciting new shopping experience in our refurbished stores. Together with the rest of the executive management team, we have laid the foundation for future growth and to enhance shareholders’ value.”