Topsports First-Half Profit Rose 17% as Sportswear Demand Rebounded
By Ben Otto
Chinese sportswear retailer Topsports International Holdings' fiscal first-half profit rose 17% from a year earlier, helped by higher demand with the return of sporting events in the wake of the pandemic.
The company posted net profit of 1.34 billion yuan ($183.2 million) in the half year ended Aug. 31, up from CNY1.15 billion a year earlier, it said late Wednesday.
Revenue for the first half rose 7.3% to CNY14.18 billion. For the second quarter ended Aug. 31, total sales of retail and wholesale operations, which make up the bulk of revenue, fell a low-single-digit percentage from a year earlier, Topsports added.
First-half gross profit margin fell to 44.7% from 45.6% a year ago as brand partners moderated subsidies amid improving market conditions, Topsports said. Operating profit margin rose to 12.2% from 12.0% over the same span.
"The sports industry was rejuvenated by supports from favorable policies and demand recovery, plus the rebound of" sporting events such as marathons after the pandemic, the company said.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
October 18, 2023 20:47 ET (00:47 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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