Comprehensive net income at the Chinese footwear and apparel brand increased 40% in 2018 to RMB 713,695,000 ($107.9 mm) from RMB 511,305,000 on 18% higher sales of RMB 10,510,898,000 ($1,588.7 mm) compared to RMB 8,873,912,000. E-commerce continues to outgrow wholesale and brick-and-mortar DTC, and now accounts for 21.1% of revenues, implying a 33% growth rate. Gross margin expanded 100 basis points to 48.1% benefitting from higher product margins and the increasing share of digital sales. Lower advertising and marketing spending kept distribution expenses in check, declining 160 b.p. as a percent of revenue, but administrative expenses increased 70 b.p. The ... Log in to view full article.