Belle's Footwear Same-Store Sales Decline Improved

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Equity Bottom-Up

Belle International Holdings / Equity Bottom-Up

Belle International Holdings (2129452D HK)

<ul><li class="p1">Belle International is China’s leading brick-and-mortar footwear and sportswear retailer, with 20,557 stores as of February 2015.</li><li class="p1">Belle expects net profit in fiscal 2016 to decrease by approximately 35%-45% year over year, significantly lower than both our expectations and the consensus.</li><li class="p1">We believe management needs to come up with a sound strategy to combat foreign and online competition and the weakening position of department stores as distribution channels.</li></ul><p class="p1"><em>Analyst: Chelsey Tam</em></p>

Belle International is China’s leading brick-and-mortar footwear and sportswear retailer, with 20,557 stores as of February 2015.Belle expects net profit in fiscal 2016 to decrease by approximately 35%-45% year over year, significantly lower than both our expectations and the consensus.We believe management needs to come up with a sound strategy to combat foreign and online competition and the weakening position of department stores as distribution channels.Analyst: Chelsey Tam

Belle's FVE Under Review After Profit Warning