Belle’s Fourth-Quarter Performance Is Not All Bad; FVE of HKD 4.9 Per Share Maintained
No-moat Belle International warned that net profit for 2017 would decline by 15%-25% year over year, in line with the first-half net profit decline of 19.7%, but worse than our forecast. Belle also reported a better-than-expected same-store sales, or SSS, decline of 6.2% in footwear, as well as in-line sportswear SSS growth of 4.5% in the quarter. We are encouraged by the higher-than-expected decline in footwear store count, as we believe this decline will eliminate unprofitable or inefficient s...
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