The Chinese retailer and footwear maker swung to a $170,255,000 profit in the first half from a loss of $136,758,000 last year, on 18% higher revenues of $4,807,087,000 up from $4,085,633,000. Expenses leveraged on the improved top line, and the $84 million for factory closures and other Covid-related expenses did not recur this year. Impairments, fair value adjustments and other one-time charges totaled $9.8 million this year against $13.1 million in 2020. Income from associates and joint ventures improved to $34.6 million from $8.4 million.
Footwear manufacturing revenues increased 15% year-over-year to $2,786.6 million, but still lagged 4% behind 2019. Gross ... Log in to view full article.