First half net income attributable to shareholders declined 18% to RMB 301,966,000 ($42.6 mm) from RMB 367,362,000 last year on 17% lower revenues of RMB 2,686,126,000 ($378.9 mm) down from RMB 3,236,783,000. The bottom line was hurt this year by an RMB 34.9 million impairment charge for losses on trade receivables taken by the Chinese sportswear brand. Gross margin was down 300 basis points to 37.8% due to wholesale discounting to move product. Selling and distribution expenses were reduced by 31%, almost all of the savings coming from lower advertising and promotional expenses, and sponsorships for cancelled events. Administrative expenses ... Log in to view full article.