Esprit to staunch losses as early as next year: paper

Troubled fashion retailer Esprit Holdings hopes to put an end to its losses as soon as next year, Chief Executive Jose Manuel Martinez told a German Sunday newspaper. "I expect that we will soon - maybe even next year - no longer be loss making," he said in an interview with the Frankfurter Allgemeine Sonntagszeitung. For the current 2013/14 fiscal year, Esprit has forecast a further decline in turnover, partly due to store closures, but expects cost cuts will help reduce its operating expenses-to-sales ratio below 50 percent from just over 65 percent in the previous year.

via Business News - Yahoo Finance http://finance.yahoo.com/news/esprit-staunch-losses-early-next-153048938.html