Feb. 8, 2010 (China Knowledge) - Esprit Holdings Ltd<0330>, one of the world's leading clothing retailers, said its first-half net profit was HK$2.71 billion, down 5.2% from the HK$2.85 billion recorded a year earlier, since the weary wholesale business offset the improvement in its core retail operations, sources reported.

Revenue for the six months ended Dec. 31 was HK$18.48 billion, 3.1% less than HK$19.06 billion a year earlier. Revenue from wholesale operations, which accounts for 47% of total revenue, was down 14%.

The Hong Kong-listed company proposed an interim dividend of HK$0.74, down from HK$0.80 a year earlier.

Esprit said last month that it has inked a HK$2.6-billion five-year loan agreement with a consortium consisting of 13 banks. The proceeds will be use to acquire a joint venture in mainland China.

The clothing retailer said last December that it would buy the remaining 51% stake in the retail JV with China Resources Enterprises Ltd<0291> from its JV partner for HK$3.88 billion, China Knowledge reported earlier.