China’s beleaguered high street fashion retailer, Metersbonwe, reported a 13.4 percent drop in revenue to 797 million yuan ($123.1 million) in its first quarter, versus the same period in 2020.

In better news, due to cost-cutting and a recent asset sales, the Shanghai-based company returned to profitability with a net profit of 121 million yuan ($18.69 million) for the quarter. Last month, the company announced the sale of assets worth 448 million yuan ($68.84 million) to increase liquidity.

Last year, additionally affected by the epidemic, the long-troubled company, which has struggled to shake its reliance on sales from its physical retail network in a market swinging aggressively to e-commerce, saw annual revenue drop 30.1 percent to 3.82 billion yuan ($584.89 million).