The bottom line at the Chinese footwear maker grew 21% last year to $170,134,000 from $140,255,000, on 4% higher revenues of $1,545,114,000, up from $1,492,651,000, driven by its sports and fashion categories. Average selling price was down 4% due to a higher proportion of sports products, which have a lower ASP, as well as raw material price deflation. Shipment volumes increased 8% to 53.0 million pairs. Gross margin expanded 30 basis points to 24.8%, helped by an improved product mix and production efficiency. SG&A grew 4% in dollars, deleveraging 10 b.p., as an 8% reduction in selling and distribution expenses ... Log in to view full article.