Belle’s Footwear Same-Store Sales Decline Improved; FVE Increased to HKD 4.9 per Share
Following the release of Belle’s second-quarter operating data, we have changed our 2017 footwear same-store sales decline assumption from 16.6% to 14.0% and our mainland average store unit decline from 2.0% to 2.2%. Belle’s total average retail store count in China was up by 2.1% year over year and down by 0.7% sequentially to 20,738 in the second quarter. We also fine-tuned our 2017 sportswear and apparel same-store sales growth from 8.5% to 6.0%, offset by an increase in average store unit gr...
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