The Chinese footwear and apparel brand’s net income attributable to shareholders was down 46% in the first half to RMB 247,921,000 ($35.0 mm) from RMB 463,012,000 despite 10% higher revenues of RMB 3,679,061,000 ($518.9 mm) up from RMB 3,356,913,000. E-commerce sales boomed as the Covid-19 pandemic shuttered stores, and accounted for 20% of total revenues in the half. Gross margin narrowed 410 basis points to 40.5%. Profits were hurt by soaring general and administrative expenses, which increased 83% in yuan and deleveraged 560 b.p. despite the higher top line. Part of the increase was attributed to added expenses from the ... Log in to view full article.