Net income attributable to shareholders slipped 2% in 2022 to RMB 7,590 million ($1,126.6 mm) from RMB 7,720 million as revenue posted an 8% gain to RMB 53,651 million ($7,963.6 mm) from RMB 49,328 million. Enhancements to e-commerce platforms helped offset traffic and consumer sentiment impacts to the retail channel from China’s Zero-Covid policy. Gross margin contracted 140 b.p. to 60.2% on increased discounting during pandemic conditions, rising product costs from both inflation and innovation investments, and inventory write-downs. SG&A was up 12% in yuan, deleveraging 140 b.p. to 43.3% of ... Log in to view full article.