HONG KONG — Esprit Holdings Limited widened its losses for the fiscal year amid declining sales.
The company, which is undergoing restructuring efforts to turn around its business, said Tuesday that it posted comprehensive net loss of 3.78 billion Hong Kong dollars, or $487.29 million, for the year ended June 30, compared with a year earlier loss of 366 million Hong Kong dollars, or $47.18 million. The Hong Kong dollar is pegged to the U.S. dollar.
On an operating level, Esprit posted a loss of 4.17 billion Hong Kong dollars, or $537.57 million, compared with a year earlier profit of 1.17 billion Hong Kong dollars, or $150.83 million.
Sales declined 14.1 percent to 25.90 billion Hong Kong dollars, or $3.34 billion, on a "weak" performance at retail and a strategic move to divest the brand's North American operations.
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