For the first quarter Esprit’s revenues slumped 16.2 per cent year on year in local currency. The fashion brand’s own offline store sales reduced 10.6 per cent. The decline was due to a reduction in net sales area of 11.5 per cent year on year, a result of continued rationalisation of the company’s distribution footprint, including the closure of the Australia and New Zealand markets, and a decline in comparable retail store sales (excluding e-shop) of 14.1 per cent.

Offline same-store sales in Asia Pacific grew by 0.3 per cent, mainly due to promotional activities. But online sales, which account for 24.9 per cent of the company’s revenue, fell by 14.9 per cent globally. E-shop, almost entirely in Europe and representing 24.9 per cent of group revenue, recorded a decrease of 14.9 per cent. Online sales in Asia Pacific, which account for a mere 2.6 per cent of total e-shop sales, plummeted 36.7 per cent, largely blamed on the closure of the Australia-New Zealand business.

Wholesale revenue, almost entirely from Europe, fell 15.5 per cent. The company plans to sharpen its brand identity, putting the customer at the centre of everything it does, improve product offering and brand positioning.