Chinese sportswear company China Dongxiang (Group) Company Limited said on Friday it expected its revenue for last year to fall by 36 percent as total sales declined because it cut back sales to distributors in the country in a bid to deal with inventory.
The sportswear company also expects its profit margin to decline to 3-5 percent last year from 34.4 percent the previous year due to additional inventory provisions, it said in a filing to the Hong Kong bourse late on Thursday.
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(Source: scmp.com)