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Chinese footwear brand, Belle International has seen its quarterly footwear sales slump by 6% as China's economic slowdown takes its toll.
Belle, which has almost 20,000 stores across China and sells mid-priced shoes targeted at upwardly mobile urban women, said its same store sales fell 5.6% in the third quarter, year-on-year.
The shoe chain, in a statement to the Hong Kong stock exchange, did not provide any explanation for current trading. It did say, however, that same-store sales in its sportswear and apparel business were up by 5.3% over the same period.
In the third quarter, China's GDP growth fell back to its slowest since the global financial crisis as the Beijing government addressed the growth of the nation's risky shadow banking system and a property downturn took its toll.
China's economy is now on track for its worst annual performance since 1990.
Source: Financial Times