CHINA: Belle International shares fall on FY profit warning
Chinese footwear and sportswear business Belle International has seen its share price fall today (21 February) after admitting its 2012 profit will be at the lower end of analyst expectations.
Analysts expect the group's profit to be between CNY4.29bn-CNY4.85bn (US$687.3m-$777m) for the year ended 31 December.
However Belle, which distributes brands including Nike, Adidas, Kappa, Puma and Converse, said it expects full-year net profit to be "marginally higher" than the previous year but "will fall within the lower end" of analysts estimates.
The company's share price fell 16.78% to CNY15.28 at 7:29GMT today. It is expected to release its full-year financial results next month.
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