The Chinese apparel maker, which counts Nike, Adidas and Uniqlo among its customers, saw net income gain 4% to RMB2,512,399,000 ($354.4 mm) in the first half from RMB 2,416,027,000 last year, on revenues that inched down slightly to RMB 10,233,778,000 ($1,443.4 mm) from RMB 10,279,693,000. Gross margin was flat at 30.9%, while selling and distribution expenses were reduced by nearly two-thirds, but administrative expenses increased slightly.

The U.S. accounted for 14% of revenue, declining 5% to RMB 1,451.2 million ($204.7 mm), mainly due to a decline in casual apparel orders. Shenzhou’s exit from owned retail sent Mainland China sales down 11% ... Log in to view full article.