• FY profit grows 8.2%
  • Footwear gross margin narrows
  • Sales climb 8.7%
Belle changed its financial year-end date from 31 December to 29 February

Belle changed its financial year-end date from 31 December to 29 February

Footwear and apparel business Belle International Holdings said it benefited from stead growth last year as it revealed increases in both earnings and sales.

The company, which changed its financial year-end date from 31 December to 29 February, said profit attributable to equity holders was up 8.2% to CNY4.76bn (US$767.8m) thanks to continuous growth of the group’s businesses.

Gross profit margins of the footwear business and the sportswear and apparel business were 68.5% and 42.6% respectively, from 68.8% and 39.8% last year.

For the footwear business in particular, Belle said the main challenges are more structural in nature, such as weak foot traffic. The sportswear and apparel business benefited from less discounting, an improved product mix, and reduced procurement cost.

Group revenue increased by 8.7% to CNY40.01bn. Sales of the footwear business were up 3.2% to CNY23.04bn, while sportswear and apparel business sales climbed 17.2% to CNY16.97bn thanks to relatively higher same store sales growth.