Overall, interim results came in-line with our expectation ona positive surprise in margins offsetting a softer sales trend
We are encouraged by the strong sportswear sales and ontracklace business development. We believe that theVietnam expansion will be a long term sales/profit driver.
Reiterate BUY, but lower TP 6% on 4% cut to 2016 EPS.Valuation undemanding at 11x 2016 PER with 3.7% div. yield.