Uncertainty Around Belle’s Footwear Business Revamp; FVE Maintained
No-moat Belle’s increased third-quarter same-store sales decline in footwear was a slight disappointment, but we see more proactive measures to revamp the footwear segment. We think the increased footwear store-count decline will eliminate inefficient stores more quickly, eventually improving same-store sales growth, or SSSG. Belle is strengthening its brand image by enhancing its brands' fashion styles, along with reducing costs and increasing product quality by outsourcing production. We shoul...
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