Net income at the Chinese footwear maker increased 29% to $117,187,000 last year from $90,838,000 prior, on 6% higher revenues of $1,630,771,000, up from $1,540,608,000, but sales were down 15% in the final quarter as its clients faced inventory issues and inflationary headwinds. The bottom line took a $6.8 million hit due to work stoppages associated with Covid lockdowns at two of its factories in the PRC. Pairs shipped were flat at 56.0 million, and ASP was 5% to $28.50 per pair. Gross margin expanded by 100 basis points to 21.6%, helped by an improved customer and product mix but ... Log in to view full article.