Shares of Hong Kong-listed fashion retailer Esprit Holdings plunged for the second day in a row on Friday, falling more than 20 percent after the company reported a worse-than-expected fall in full-year profit. A 98-percent decline in profit announced at midday on Thursday led to 17 percent decline then and to a spate of downgrades by securities houses.

Esprit on Thursday said it planned to sell its North American operations after reporting a massive slide its full-year profit. The company, whose competitors include Swedish clothing retailer Hennes & Mauritz, US group GAP and Spain's Inditex, said the business outlook for the next six months was challenging, citing weak consumer sentiment in Europe, which is embroiled in a worsening debt crisis.

Esprit said on Thursday it would invest more than HKD18 billion (USD2.31b) in the company until its year ending 2015.

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