Esprit reports net loss

Hong Kong clothing retailer Esprit Holdings (0330.HKG) reported a net loss of US$60 million (HK$465 million) for the second half of last year, The Wall Street Journal reported. The loss contrasts with a profit of US$71.55 million a year earlier. The firm’s revenue fell 19% to US$1.75 billion from US$2.15 billion, Esprit said in a filing Wednesday. The company will not pay an interim dividend. Esprit has struggled due to tougher competition from companies such as Sweden’s Hennes & Mauritz (HM-B.STO). Esprit launched a strategy in September 2011 to revamp its business following a 98% fall in earnings from January through June that year.