Higher net profit a shoe-in
Print Edition
CHINESE footwear retailer Belle International Holdings posted a forecast-beating 3.9 percent rise in first-half net profit yesterday despite what it described as a tough retail climate and competition from e-commerce.
The firm, which distributes footwear and sportswear brands including Nike, Adidas, Puma and Converse, posted net profit of 2.16 billion yuan (US$340 million) for the six months to August 31, up from 2.08 billion yuan in the same period of last year.
That compared with an average forecast of 1.99 billion yuan from three analysts polled by Reuters.
Revenue rose to 19.36 billion yuan from 18.56 billion yuan.
Belle said in September that its footwear business fell 7.7 percent in its second quarter, while sportswear and apparel grew 6.5 percent.
Analysts said Belle should benefit from efforts by Nike to boost sales in the coming years.
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