Net income grew 17% to RMB2,385.5 million ($359.0 million) from RMB2,040.6 million in 2016 on revenues that were up 20% to RMB13,345.8 million ($2,008.1 million) from RMB11,125.9 million. Gross margin expanded 180 basis points to 48.4%. Footwear sales increased 18% to RMB6,000.8 million, contributing gross profit of RMB2,778.4 with a gross margin of 46.3%. Apparel sales jumped 23% to RMB6,885.7 million with a 51.0% gross margin and RMB3,509.7 million of gross profit contribution.
Anta serves higher income consumers in the Chinese market with its Descente joint venture and Fila brand, sold in high-end shopping malls, while the Anta brand bridges low- ... Log in to view full article.