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Deutsche Bank

Analyst: Anne Ling

Report date Title
23 February 2017 Turned profitable but fairly valued; upgrade to Hold
31 October 2016 Focus on returning to profitability
21 September 2016 It's a long road, but Esprit is not alone
19 July 2016 Restructuring cost of ~HK$800m, offset by HK$1.3bn one-off gain
29 June 2016 To cut 10% staff in Germany, says Chairman (Revised)
23 June 2016 'Leave' adds uncertainties to sales/currency volatility in Europe
03 May 2016 SSS continued to improve while store closure accelerated
16 March 2016 Key takeaways from investor day
24 February 2016 Retail +ive SSSg not enough to woo more wholesaler orders; Sell
27 October 2015 Esprit - a good start into FY16 to return to profitability in FY17
28 September 2015 More patience is needed; maintaining Hold
10 June 2015 Inviting wholesalers to build an omnichannel with rebates
26 May 2015 Factoring in guidance from profit warning; Hold
18 May 2015 FY15 profit warning
05 May 2015 9MFY15 sales update - encouraging Feb/March retail performance
25 March 2015 Comments from wholesalers - some improvement but still early stage
02 March 2015 Key takeaways from NDR
26 February 2015 New products in stores - will revamp succeed?
21 January 2015 Profit warning for 1HFY15
21 January 2015 Weak Euro, weak demand - earnings and valuation downgrade
30 October 2014 1Q FY15 Sales decline widens due to warm weather and less promotions
23 October 2014 German fashion retail sales declined 12% yoy in week 42
09 October 2014 Key takeaways from NDR
25 September 2014 FY15 a transformation year - execution is a challenge; HOLD
23 September 2014 FY results - first take
23 September 2014 Guidance for FY15
02 May 2014 9MFY14/3QFY14 sales updates
09 April 2014 A better cost structure in UK with
13 March 2014 Key takeaways from NDR
24 February 2014 Vertical model to be implemented in 2H14; 1HFY14 review
21 February 2014 Esprit 1HFY14 - first take
23 January 2014 Positive profit alert
14 January 2014 Access China conference highlights
30 October 2013 1QFY13 - SSSG turned positive; New CPO announced
23 October 2013 Another departure but announcement of new CPO soon ; maintaining Hold
16 October 2013 1QFY14: Overall German retail sales have seen marginal improvement
24 September 2013 Better products but prices still high; store productivity yet to improve
11 September 2013 FY14 - transition period - cost control and retain cash; maintaining Hold
10 September 2013 FY13 - Net loss higher than expected while sales in line
29 July 2013 Readthrough on Esprit from DB FITT on German apparel industry
27 May 2013 Forecast change post Investor Day; consistent, committed but early; Hold
15 May 2013 New guidance for FY14-16; maintaining Hold
08 May 2013 2HFY13 profit warning and 9MFY13 performance update
13 March 2013 Key takeaways from NDR
27 February 2013 Cost-saving to offset operating deleverage as short-term move; Hold
21 February 2013 Better feedback from wholesalers
03 January 2013 Revising forecast after profit warning; maintaining Hold
07 November 2012 Target price adjustment for rights issue; maintaining Hold
23 October 2012 Rights issue to fund expansion; Hold
27 September 2012 FY13 - strong headwinds in the short term; maintaining Hold
26 September 2012 Esprit FY12 results below expectation - first take
25 September 2012 First icon store in Asia opened
07 August 2012 Mr. Jose Manuel Martinez Gutierrez appointed CEO
07 August 2012 Awaiting details of new execution plan; maintaining Hold
27 June 2012 More appointments to beef up the product division
15 June 2012 Conference call regarding recent resignations - key takeaways
13 June 2012 Resignation of CEO
13 June 2012 Appointed Raymond Or as new Chairman as Dr. Körber resigned
10 May 2012 9MFY12 updates and divestment of North America business
12 April 2012 Appointment of CFO
23 February 2012 1HFY12 - Sales in line but EBITM better than guidance
23 February 2012 2HFY12 outlook; on track but we expect a higher opex ratio
05 December 2011 Resignation of CFO
25 November 2011 To the lighthouse - key takeaways from investor day
02 November 2011 Restructuring undergoing yet on an early stage
31 October 2011 Weak 1QFY12 results; maintaining Hold
12 October 2011 Comment on local news
19 September 2011 Key takeaway from NDR
15 September 2011 An investing period; downgrading to Hold
01 September 2011 Esprit issues profit warning
18 August 2011 Lowering EPS, target price on rising costs; maintaining Buy
03 June 2011 Lowering target price but maintaining Buy
02 May 2011 Cutting target price on weak wholesale; maintaining Buy
15 April 2011 Brand re-launch in September is key
10 February 2011 Got the spirit?
10 February 2011 1HFY11 - first take
07 February 2011 1HFY11 results preview; Buy
03 January 2011 1HFY11 preview; target price cut but maintaining BUY
28 October 2010 1HFY11 - sssg recovery in both Europe and Asia
15 October 2010 Consumer sentiment improves; upgrading to Buy
03 September 2010 Good China story but still needs Europe to recover
06 July 2010 No clear trend; HOLD
27 May 2010 Sensitivity study on Euro/US rate
25 April 2010 A slight disappointment; downgrade to Hold
01 March 2010 A coherent strategy with discipline in execution; Buy
04 February 2010 Retail shows signs of recovery while wholesale lags; Buy
28 January 2010 Improvement in operating environment; Buy
17 December 2009 Mission accomplished - acquires 51% of China JV
11 December 2009 Going for bigger stores for optimal return
22 October 2009 1QFY10 - overall performance on track
22 October 2009 Guidance for wholesale sales for 1HFY10 maintains at -15%
17 September 2009 Upgrade to Buy
27 August 2009 Uncertainties persist; downgrade to Hold
28 July 2009 2HFY09 preview; Buy
07 July 2009 Appointing authorized retailers to uphold brand equity
07 April 2009 Ready for the future; maintain Buy
30 March 2009 New blood in management team
27 March 2009 Heinz in charge; Thomas Grote's departure minimized
24 February 2009 Key takeaways from US roadshow
05 February 2009 2HFY09 outlook; maintain Buy
05 January 2009 Company update and 1HFY09 preview; Buy maintained
11 December 2008 Positive on appointments but GP margin under pressure
27 September 2008 Factoring in Weaker Wholesale Sales; Maintain BUY
01 September 2008 FY09 driver from retail business; Buy maintained
28 August 2008 Should perform better than its peers; Buy maintained
22 August 2008 FY08 results preview; Buy
21 July 2008 Departure of Deputy Chairman; Buy maintained
16 July 2008 First ever share buyback, BUY
02 June 2008 SSS growth for retail operations likely to maintain
04 February 2008 1HFY08 post results roadshow takeaways
31 January 2008 The tough gets going
27 November 2007 Reiterate our Buy recommendation
30 August 2007 Strong track record, Buy maintained
21 June 2007 Performance in line with macro catalyst in Europe
28 March 2007 Jan-Feb performance up by 20% in local currency terms; BUY
12 February 2007 An experienced brand with young wings
08 February 2007 Strong retail margin growth in 1H07
15 January 2007 Channel check on retail performance after VAT implementation
14 November 2006 1QFY07 Update; in line
23 October 2006 A fruitful trip
13 September 2006 Growth engine back to full throttle
23 May 2006 Improvement in qoq trend; upgrade to Buy
08 March 2006 Seems one-off, but needs monitoring; Hold maintained
23 February 2006 A hiccup
20 February 2006 FY06 Results Preview
23 November 2005 Earnings fine-tuned reflect change in US/Euro
14 September 2005 FY06 outlook
01 June 2005 Earnings & target price revision; Buy maintained
24 February 2005 Amazed!
18 February 2005 1HFY05 preview; maintain Buy
08 November 2004 1QFY05 remains strong; buy maintained
28 October 2004 Life just started as an international brand; Buy
16 September 2004 Growth: the never-ending story; maintain Buy
13 September 2004 Expect strong earnings growth for FY04; maintain Buy
20 July 2004 Strong brand dominance support long term growth
23 June 2004 FY05F: another good year; maintain Buy
17 May 2004 Luxury for the masses; strategy to pay off, Buy
11 February 2004 Earnings surge on margin expansion
10 February 2004 We expect a strong first half on Euro gains; maintain Sell
06 October 2003 A super FY04F, but what next? Initiate with sell
12 February 2003 Maintains growth momentum while H&M turns profitable in the US
14 January 2003 It's a Euro play
08 November 2002 Into Hang Seng Index, weakness to buy
20 February 2002 FY06 Results Preview


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