Net income slipped 14% in the first half of 2020 to RMB 683,271,000 ($96.4 mm) from $794,999,000, on revenues that inched down 1% to RMB 6,180,935,000 ($871.8 mm) from RMB 6,254,730,000. The bottom line included a RMB 36.4 million impairment charge this year for channel structure realignment, and a RMB 269.9 million one time gain last year on the sale of land. Excluding last year’s windfall, adjusted net income increased by about 22%.

Footwear sales were flat at RMB 2,925.0 million while apparel sales narrowed by 4% to RMB 2,941.2 million and the small accessories business grew 15% to RMB 314.8 ... Log in to view full article.