Comprehensive net income at the Chinese running brand increased 19% to RMB 578,962,000 ($87.5 mm) in 2018 from RMB 485,583,000 including a RMB 170.3 million negative swing on exchange differences in foreign operations, as revenues jumped 25% to RMB 6,383,165,000 ($964.8 mm) from RMB 5,113,434,000. Excluding comprehensive items, the bottom line was up 50% to RMB 669,979,000 from RMB 446,352,000. Gross margin expanded 40 basis points to 44.3%, but a huge jump in advertising and promotion spending sent SG&A up RMB 446 million, or 350 b.p. to 21.3% of revenues. Inventory at year end was 19% higher at RMB 835.5 ... Log in to view full article.