Chinese footwear seller Belle says profit squeezed by competition

China's top footwear retailer Belle International Holdings Ltd reported a 3.2 percent rise in 12-month profit as competition from e-commerce and an increasing supply of shopping malls dampened sales in a tough retail climate.
"Traditional retail channels, including the street shops and department stores, are under continued pressure due to weak foot traffic," CEO Sheng Baijiao said in a statement on Sunday.
Belle, which distributes footwear and sportswear brands including Nike, Adidas, PUMA and Converse, posted a net profit of 4.491 billion yuan for 12 months ended in December, up from 4.352 billion yuan a year ago.
That compared to an average forecast of 4.362 billion yuan for January to December period, according to analysts polled by Reuters. Revenue rose 10.3 percent to 36.249 billion yuan.