Zungui Haixi Corporation has reported an 18% increase in full year revenues, leading to a 17% jump in profits, as the company benefited from its continued store expansion plan.

The China-based manufacturer of sportswear and casual footwear said that revenue increased 14% to US$50.6m for the quarter and 18% to $163.9m for the year. Net income increased 12% to $8.6m for the quarter and 17% to $27m for the year.

"Our fourth quarter and fiscal year 2010 results reflect strong growth in both our revenue and net income," said Yanda Cai, chief executive officer. "Our financial results continue to demonstrate consistent performance and we are pleased to have this opportunity to update shareholders on our progress.

"We have seen further growth in the number of retail outlets with 1,931 retail outlets in the network as at 30 September 2010 compared to 1,682 retail outlets when we went public in December 2009. During the last year, we have produced over 11m pairs of shoes from both internal and outsourced manufacturing capacity, a 38% increase over the prior year."