Quarterly sales sag for Daphne International

Footwear retailer Daphne International Holdings reports declining sales for its second quarter to the end of June.

Its unaudited figures show a drop in same-store sales of its core brands for the period, mainly because of sagging sales volume. There were also fewer stores compared with the same quarter last year.

However, the group says its gross-profit margin and operating margin for the half-year were comparable to those for the same period last year, while its net margin was lower.

Daphne International also says it made good progress in clearing aged products while continuing its prudent inventory management.

Interim results of the group for the half-year are scheduled to be published next month.

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