Sales of Esprit, Hong Kong-based apparel manufacturer, fell further in the quarter ending 30 September.
In a recent stock exchange filing, the fashion brand witnessed its revenue for Q3 dipping by 16.2 per cent year-on-year (y-o-y). Its offline stores too slumped by 10.6 per cent – touching US $ 425.8 million.
Besides, Esprit’s own-managed stores that constitute 37 per cent of its overall turnover too saw a dip by 17.8 per cent.
The company said that the slump was due to reduction of 11.5 per cent y-o-y in net sales area, which was also a result of its closure of Australia and New Zealand markets.
It said there was a decline of 14.1 per cent in comparable retail store sales (excluding e-shop) majorly because of fast-receding consumer traffic as well as hot summer all across Europe.
Owing to extensive promotion, the offline same-store sales rose by 0.3 per cent in the Asia Pacific region while online sales fell by 14.9 per cent worldwide.