Chinese fashion menswear company Zuoan said net income in 2013 declined 40.6 per cent to 175.4 million yuan ($29 million).

Revenue decreased 12.3 per cent to 1.3 billion yuan ($206.8 million) from 1.4 billion yuan a year earlier.

The company shut down 247 stores during the 12 months, taking the count to 1082.

Despite the profit drop, the company is optimistic it can rebound this year as it increases its marketing efforts.

“For 2014, we estimate net growth in new stores, particularly in the second half of the year,” said CEO James Hong.

In the first quarter of 2014, the company expects 30 new store openings.