Bosideng International's (3998) sales increased last year, but many points of sale were closed as the mainland down apparel producer aimed to become the first choice middle and high-end brand.
Net profit grew by 42.1 percent year-on-year to 1.71 billion yuan (HK$2.02 billion). Revenue increased by 10.9 percent to 13.51 billion yuan.
Pointsof sale fell by 716 to 4,150,while self-operated selling points dropped by 54 to 1,807. Selling points operated by third-party distributors fell by 662 to 2,343.
Chief financial officer and vice president Zhu Gaofeng, said the company hopes every store could be sustainable. The group will continue to open large-scale stores and close small stores.
Around 28 percent of stores are in the first- and second-tier cities, namely, Beijing, Shanghai, Guangzhou, Shenzhen and provincial capital cities, while around 72 percent were located in the third- and lower-tier cities.