Dongxiang Profit Edges Up 0.3% YoY

Kappa distributor China Dongxiang recorded a net income of RMB 1.46 billion in 2010, up 0.3% y-o-y, as sales increased 7.3% over the year to RMB 4.26 billion. Apparel sales increased 5.5% y-o-y to RMB 2.72 billion as a 14.2% increase in volume sales for the year was offset by a 1.9% y-o-y decrease in average selling price. Footwear sales expanded 15.8% y-o-y to RMB 790.9 million in the period, due to the introduction of new product lines which drove unit sales up 20.1% y-o-y and raised ASP 2.8% y-o-y, the report said.

By the end of the year, the company had opened a net of 240 new stores to bring its total network to 3,751.