Esprit Holdings Ltd. posted a 28 percent jump in earnings to 2.4 billion Hong Kong dollars, or $309 million, for the six month period ended Dec. 31, with strong performances in Spain, Italy and the United Kingdom.
The Hong Kong distributor of lifestyle products said earnings per share rose 25.6 percent to 1.96 Hong Kong dollars, or 25 cents, and net cash increased to 3.6 billion Hong Kong dollars, or $463 million for the period. Group turnover grew 23.4 percent to 14.6 billion Hong Kong dollars, or $1.9 billion. Dollar figures are computed at the average exchange rate.
The firm’s board of directors said due to the solid performance, it would pay a dividend of 70 Hong Kong cents, or 9 cents, per share on April 11. This is a 40 percent year-over-year increase.
Esprit said during the period, the company established a real estate team to identify profitable global store locations. Esprit plans to open 400 stores in the next three years, and will open 30 stores during the second half of the year.
Management also said it would gradually open EDC stand-alone stores internationally, and introduce a new Esprit denim division.
“Product development and distribution network expansion remain our top priorities to drive long-term growth,” Heinz Krogner, chairman and group chief executive officer, said in a statement. “Given our proven strategies and good track record in execution, the group is confident in continuing to generate good return to our shareholders.”