Esprit’s first-half results were largely in line with expectations, with a 13.7% decline in group-wide sales, as the company faced headwinds from factors such as Covid-19, a challenging retail environment, and geopolitical uncertainties. However, the company remains optimistic about the second half of the year and is focused on long-term growth.
In the first half of 2023, Esprit’s group-wide sales fell to €455.6 million, down from €527.6 million in the same period last year. The decline was driven by several factors, including a decrease in demand in Europe, which is the company’s largest market. Esprit also faced challenges in China, where Covid-19 restrictions and a slowing economy impacted sales.
Despite the challenges, Esprit saw some positive signs in the first half of the year. E-commerce sales grew by 16.8%, and the company opened new stores in key markets such as India and Southeast Asia. Esprit also continued to invest in its digital transformation and launched several new initiatives to improve the customer experience.
Looking ahead, Esprit is expecting the second half of the year to be stronger, as the company expects to benefit from pent-up demand and a recovery in the retail sector. Esprit is also planning to launch several new products and marketing campaigns in the coming months. The company expects to return to profitability in the second half of the year.
In a statement, Esprit CEO Anders Kristiansen said, .
