yyliwen

Further improve marketing channels: 1004 09 net increase in retail shops, retail stores a total of 7249. Among them, 6854 to licensed retail outlets, 395 direct for the company-owned stores, 15.5% and 27.4%, respectively. Company over 80% new stores during the    new balance 373 uk     year focused on two or three-tier cities. Expected to 10% new stores this year.Same-store growth began to pick up: the impact of the financial crisis, company's annual growth per store-2.3%, regional growth per store in the North-0.6%, regional growth per store in the South-1.1%, single store growth is in the eastern

region-4.3%. Starting from the third quarter of 2009, the market resumed, fourth-quarter growth 3.8% per store, single stor  new balance 576 uk      e growth for 2010 1 February 6.8%. Expect 2010 to be able to achieve 10% of growth per store.Continue to maintain market-leading position: the company plans to continue to implement a brand strategy, market-leading position. Continue to strengthen branding and promotion. First three quarters of 2010 will order the whole order amount respectively increased by 11.6%, 15.4% and 20%. This year we expect industry growth to greater than 09. Badminton

products will increase in proportion of total income of the company, increasing the market share of athletic apparel. Sports industry to clear inventory of time that has passed, but intensifying industry competition, Terminal stores rent and labor costs are rising trend and, therefore, can promote revenue per store, as well as the expansion of channels of control, is the focus of competition in the future.Target price to maintain $ 31.9 maintained buy ratings: we use PE and DCF jus cogens integrated based on relative valuation, maintaining the target price to HK $ 31.9, this price is equivalent to 26 times times 2010 earnings per share, maintaining