HONG KONG, March 20 (Reuters) - China's top footwear
retailer Belle International Holdings Ltd expects its
profit for the year ended February to drop by 15-25 percent from
a year ago due to weak sales.
In October, Belle said its footwear business was full of
challenges as changes in foot traffic across various retail
channels and shifting style preferences of consumers put
pressure on the footwear business.
Belle, which is due to release its yearly results by the end
of May, said in a filing on Sunday that adjustments to its share
award scheme as part of an incentive programme to management had
also led to a significant increase in expenses.
The firm said same store sales of its footwear business fell
6.2 percent for the quarter ended in February, while sportswear
and apparel business saw a 4.5 percent growth in same store
sales. Belle distributes several sportswear brands, including
Nike, Adidas, Puma and Converse.
Its number of retail outlets in mainland China increased by
86, bringing the total to 20,716 outlets at end of February
2017, Belle added.
(Reporting by Donny Kwok; Editing by Himani Sarkar)