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Esprit issues half-year profit warning

Esprit has issued a profit warning following a “larger than expected” fall in turnover in the six months to December 31.

The German brand, which has a handful of stores in the UK and Ireland, including one on London’s Regent Street, said its half-year profits were likely to be between HK $40m and $50m (£3.4m and £4.3m), down from $95m (£8.1m) in the same period the year before.

Esprit blamed the unusually warm weather in Europe, which affected sales of autumn/winter products, and “special return agreements in China to address aged inventory in the wholesale channel”.

It said a new vertical business model introduced in July 2014 had resulted in better designs, quality and value for money in the spring 15 ranges, which will hit stores in February.

Esprit will report its results for the six months to December 31 in February.

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