Net income at the Chinese apparel manufacturer inched higher in 2020 to RMB 5,106,736,000 ($740.0 mm) from RMB 5,095,206,000, on 2% higher revenues of RMB 23,030,648,000 ($3,337.3 mm) up from RMB 22,665,272,000. Sportswear demand fizzled in the pandemic, but the top line was supported by RMB 1.4 billion in mask sales. Gross margin grew by 90 basis points to 31.2%, attributed to the strengthening yuan that more than offset higher costs for labor and pandemic mitigation. Administrative expenses were up 6%, while selling and distribution costs fell by 61%.
International sales expanded by 1% overall, but sales to U.S. customers were ... Log in to view full article.