Revenues rise at Zungui Haixi
Chinese sportswear and footwear producer Zungui Haixi says that its profits grew 12% during the fourth quarter as more retailers began stocking its products.
The company reported quarterly profits of $8.6 million for the three months ended June 30, up from $7.6 million during the prior-year period. Revenue increased to $50.6 million from $44.3 million.
Between December 2009 and September 30, 2010, 249 additional retail outlets have agreed to sell its sports apparel and footwear, bringing the total number of outlets carrying its products to 1,931 stores.
"We are reviewing our brand positioning to continue to keep pace with the changes in fashion trends and will launch a new brand strategy for our sports shoes in November," chief executive, Yanda Cai, said.
