Belle International Holdings (1880.HK), China’s largest women’s shoes retailer, announced a net profit of US$371 million for 2009, up 26% year-on-year, Bloomberg reported. The company credited strong consumer spending – China’s retail sales rose 15.5% in 2009 – for the strong performance. Belle, which owns shoes brands Staccato and Joy & Peace, and also distributes sportswear in China for Nike and Adidas, makes about 94% of its sales in the mainland market. Takings rose 10.7% to US$2.89 billion, with same-store sales increasing 8%. The company opened 443 stores in 2009, taking its total number of outlets in the mainland to 9,612. Belle remains bullish on the prospects for China’s retail market, saying that it is waiting on Beijing to "roll out plans and packages aimed at raising disposable income for residents and increasing consumer confidence."
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