Despite strong comps and new stores in its upper tier branded business, Belle’s overall net income fell 38% to RMB2,945.1 million ($449.3 mm) from RMB4,750.0 million for the year ended Feb. 29 as sales improved 2% to RMB40,790.2 ($6,220.0 mm) from RMB40,008.1 million. By segment, the footwear business consisting of private brands and international brands like Clark’s, Hush Puppies and Caterpillar, dipped 9% to RMB21,074.2 million from RMB23,037.0 million and operating income fell 22% to RMB3,943.9 million from RMB5,087.8 million. Meanwhile, the sportswear business that is largely Nike and Adidas shops, grew 16% to RMB19,495.0 million from RMB16,775.1 million with ... Log in to view full article.