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Clothing firm Esprit profit rises with turnaround plan 'on track'

HONG KONG -- Clothing retailer Esprit on Wednesday posted a sharp rise in its annual profit and said its turnaround plan was on track after selling its loss-making North American business.

Net profit for the year to June 30 jumped tenfold to HK$873 million (US$112.59 million), from HK$79 million a year ago, Esprit said in a filing to the Hong Kong stock exchange.

Revenue fell 10.5 percent to HK$30.17 billion as “negative market sentiment,” especially in Europe, hit the business.

Net income was boosted by a one-off write-back in provisions associated with the company's four-year transformation plan that began last year. The costs were less than expected and HK$696 million was added to the balance sheet.

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