Belle International Plummets 14% On Slower Profit Growth
Belle International (Hong Kong stock code 1880) is down 13.94% at HK$15.80, a tad higher than earlier low at HK$15.40, underperforming the broader market’s 1.6% decline, after the Chinese footwear retailer said Wednesday it will post only a slight growth in 2012 net profit. The blue-chip retailer says its 2012 net profit will be “marginally higher” compared to the previous year, falling within the lower end of CNY4.29 billion and CNY4.85 billion range estimated by analysts. Belle posted a 2011 net profit of CNY4.25 billion, a 24% growth from the year earlier. It didn’t give a reason for the slower growth rate.