The Chinese footwear manufacturer for Wolverine Worldwide and other brands posted a loss attributable to shareholders of HK$33,890,000 ($4.4 mm) in the fiscal year ended Mar. 31 against a HK$20,221,000 profit, as revenues slipped 9% to HK$625,876,000 ($81.3 mm) from HK$689,269,000. Gross margin was actually negative for the year, hurt by rising labor expenses and fixed cost deleverage from a subdued order pipeline, along with lower ASPs. Operating expenses were down by 3%, but a negative HK$15.6 million change in the fair value of investment properties hurt the bottom line.

Sales to ... Log in to view full article.