Esprit warns of further losses

City A.M. Reporter
CLOTHING brand Esprit yesterday said it would record a substantial second-half loss due to soaring costs related to store closures and acquisitions in China.

The Europe-focused retailer said it would record a goodwill impairment of between HK$1.8bn and HK$2bn (£150m to £166m) related to the acquisition of the remaining interests of associated companies in China.

Esprit also said it would close around 16 unprofitable stores in a bid to stem its losses.