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SCMP Reporter

Belle International Holdings,  the mainland's largest retailer of women's shoes, said it would  continue to make acquisitions this year but at a slower pace.
The news  came as the firm announced a better than expected 102.7 per cent  rise in net profit last year to 1.98 billion yuan (HK$2.19 billion),  on improved sales and interest income from its initial public offering.
Revenue for the 12 months ended December jumped 87.1 per cent to 11.67 billion yuan from 6.24 billion yuan.
A final dividend of 3.50 fen per share was announced.
Belle, which raised HK$8.68 billion from a Hong Kong listing in May last year, has aggressively  sought acquisitions to expand on the mainland since its  flotation.
Its latest move is the proposed HK$1.57 billion  buyout of smaller peer Mirabell International Holdings. Last year, the company acquired rival Jiangsu Senda Group and Hong Kong footwear retailer Ossia Group.
Chief executive director Sheng Baijiao said the company had  potential acquisition targets but the number of deals this year would be fewer than last year.
'The acquisitions we announced last year will make a contribution to Belle this year, although they  will not be big  profit generators,' Mr Sheng said.
The retailer opened 2,280 self-owned outlets last year, bringing the total to 6,143. Mr Sheng said the number of new points of sale would be no less than 2,280 this year.
Gross profit margin declined to 50.6 per cent last year from 56.1 per cent a year earlier, dragged down by  relatively  low-margin sportswear.
The fast-growing sportswear business accounted for 46 per cent of total sales last year, with footwear sharing the rest.
'As long as  management can stop the gross profit margin from disappearing, the outlook for Belle is quite good,' said Tai Fook Securities analyst Kallman Wong.
Belle shares closed up 6.8 per cent at HK$7.70 yesterday.



Belle to slow pace of acquisitions this year despite 103pc profit leap