Sports apparel market falls into knock-out war Kappa footwear sales fall

Editor's note: China Dongxiang (3818) Mainland sales fell 41.9% last year to 2.12 billion yuan (***. Same below). In addition, the company repurchased 1.45 billion yuan worth of inventory from distributors for the first time in the period, resulting in a year-on-year drop of 93% in net profit to 102 million yuan.

The mainland sportswear market is plunged into a phase-out battle. China Dongxiang (3818) reported that mainland sales fell 41.9% last year to 2.12 billion yuan (***. Same below). In addition, the company repurchased 1.45 billion yuan worth of inventory from distributors for the first time in the period, resulting in a year-on-year drop of 93% in net profit to 102 million yuan.

China Trends Chen Yihong pointed out that the sportswear market in the Mainland has not significantly improved this year, the situation is still grim, and inventory pressure remains heavy.

Last year, sales fell 36% to 2.74 billion yuan; sales from Japan increased slightly by 1% to 630 million yuan. The overall gross profit rate dropped by 4.7 percentage points to 55%.

During the period, the Kappa brand sold 8.45 million garments and 2.6 million pairs of shoes in the Mainland, which fell by 54.1% and 43.4% respectively. The average selling price of apparel increased by 2.5%, while that of footwear decreased by 3.3%.

Due to the poor market conditions, the Group made a provision of RMB 220 million for the inventory held as at the end of last year.

No final interest was paid, and the annual dividend was 2.78 points, a decrease of 84.6% from 2010.

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