Fashion wholesaler and retailer Esprit Holdings Ltd. (0330.HK) expects the operating environment in Europe to return to normal in the second half of next year, Chairman Heinz Krogner-Kornalik said Thursday.

"We've seen some birds, but it doesn't mean we are already in spring," Krogner-Kornalik told reporters after a shareholders' meeting.

Sweden's Hennes & Mauritz AB (HM-B.SK), one of Esprit Holdings' competitors, recently reported worse-than-expected comparable store sales in October in important markets such as France, Spain and the U.S.

Krogner-Kornalik also said Esprit Holdings is still in talks to buy out its China-based retail joint venture with China Resources Enterprise Ltd. (0291.HK). The joint venture manufactures and distributes consumer goods, including the Esprit brand products.

Esprit Holdings owns 49% of the joint venture. China Resources Enterprise owns 51%.

-By Jackie Cheung, Dow Jones Newswires; 852-2802-7002; jackie.cheung@dowjones.com
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