The bottom line at the Chinese footwear maker was down 19% last year to $137,029,000 from $170,134,000, on 2% higher revenues of $1,570,237,000, up from $1,545,114,000, driven by sneaker sales. Average selling price was down 3% due to a higher proportion of sports products, which have a lower ASP, as well as raw material price deflation. Shipment volumes increased 4% to 55.0 million pairs. Gross margin narrowed 300 basis points to 21.8% due to a slower-than-anticipated ramp-up of its new footwear factory in Indonesia. SG&A was cut by 3% in dollars, ... Log in to view full article.