Comprehensive net income increased 10% to RMB 523,796,000 ($77.5 mm) from RMB 477,914,000 benefitting from a RMB 172 million foreign exchange benefit, but sales declined 5% to RMB 5,113,434,000 ($756.5 mm) from RMB 5,396,615,000 as the Chinese brand completed a three-year restructuring of its retail distribution structure. The company has flattened its brick-and-mortar distribution, ending with 60% of stores operated directly by exclusive distributors and the rest by authorized retailers under direct supervision of Xtep’s merchandising team. E-commerce sales, controlled by Xtep on its own sites and platforms like Tmall, accounted for 20% of 2017 sales. On the product side, ... Log in to view full article.