Retail in Asia

In Sectors

Chinese sportswear firm sees 177-percent jump in interim profit

361 Degrees International Ltd, a major Chinese sports brand, has reported strong interim results for the financial year 2009-10.

Profit attributable to equity holders rose 177 percent to CNY356.8 million (USD52.3 million). Turnover for the six months ended 31 December 2009 increased by 29.9 percent compared with the same period in the previous year to approximately CNY1.76 billion (USD257.8 million). Of the total revenue, footwear comprised about 59 percent while apparel contributed 40 percent.

Gross profit margin for 361 Degrees products improved by 10.3 percentage points from 29.3 percent during the same period in the previous year.

As at 31 December 2009, the company maintained a strong balance sheet, with no borrowings or loans, and with good operating cash flow.

To view the company’s financial results in detail, visit 361 Degrees.