HONG KONG — Esprit Holdings Ltd. said Monday that its first-quarter revenue came in nearly flat, dipping 0.4 percent to 2.12 billion Hong Kong dollars, or $273.53 million, for the three months ended Sept. 30.
Esprit, which is undergoing a major restructuring, said the figures compare favorably against a reduction in “total controlled” space of 7.6 percent. The company has been shuttering stores and wholesale points of sale to better focus its distribution.
“We are especially encouraged by the noticeable gain in sales per-square-meter performance of our retail space, which reflects significantly improved product performance, as well as improved marketing and channel operations,” the company said.
Esprit said sales in Europe inched up 0.1 percent in local currency despite a 5.9 percent drop in sales space. The company said sales in Asia fell 3.6 percent in local currency on a 14.5 percent drop in sales space in the region.
“The relatively weaker performance in Asia-Pacific was mainly due to China, where we observe dampened consumer sentiment affecting our sales performance,” Esprit said.