Net income attributable to shareholders fell 10% in the fourth quarter to TWD 1,428.0 million ($48.8 mm) from TWD 1,586.6 million, as revenues at the Taiwanese footwear and sporting goods manufacturer inched down 5% to TWD 20,709.5 million ($664.6 mm) from TWD 21,885.3 million. The loss was mainly attributed to elevated inventory at its major customers, leading to reduced orders, along with rising costs. Gross margin was down 220 basis points to 20.8%. Total operating expenses were 15% lower, leveraging 150 b.p. as a percentage of sales, with selling and administrative ... Log in to view full article.