Net income slipped 11% in the first half at the Chinese apparel maker to RMB 2,226,278,000 ($344.6 mm) from RMB 2,512,399,000, while revenues grew by the same amount to RMB 11,368,606,000 ($1,759.8 mm) from RMB 10,233,778,000. Gross margin was lower by 120 basis points to 29.7% due to the appreciation of the yuan against the dollar, and other income was down by almost half at RMB 298.8 million, as government incentives and interest income both declined. Selling and distribution expenses were 2% lower, but administrative expenses increased by 17%, weighing on profitability.

Shenzhou counts Nike, Adidas, Uniqlo and other major brands ... Log in to view full article.