Retail in Asia

In Sectors

Big jump in sales for China’s sportswear group

Listed international sportswear company China Dongxiang weathered the economic slowdown to report a 19.5 percent increase in sales for last year to CNY3.97 billion (USD581.6 million).

Net profit for the year ending 31 December 2009 was up 6.7 percent to CNY1.46 billion (USD213.9 million), including a one-off gain of CNY146 million (USD21.4 million) from the acquisition of Japanese sportswear enterprise Phenix.

The Kappa brand business in the China market, the group’s main business, accounted for 85.5 percent of total sales for the period.

Although China’s retail industry slowed down last year, the group’s sales of Kappa brand products showed a healthy growth and increased by 21.1 percent to CNY3.39 billion (USD496.6 million).

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(Source: scmp.com)