The footwear maker’s efforts to shift its mix away from low-margin product helped push comprehensive net income up 35% to HK$126,183,000 ($17.0 million) from HK$93,217,000 for the fiscal year ended Mar. 31 even as sales slipped 21% to HK$1,830,267,000 ($234.6 million) from HK$2,308,161,000. Excluding a positive HK$21 million swing in comprehensive items, net income still gained 10%. Gross profit jumped 210 basis points to 18.0% driven by the shift of production away from China, efficiency enhancements in Vietnam and Cambodia, and the depreciation of the RMB and Vietnam Dong against the HK$.

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