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361 Degrees posts double-digit revenue growth

Sep 7, 2023 China
361 Degrees posts double-digit revenue growth
The Chinese-based activewear company recorded an 18% revenue increase in the first semester of the year, as compared to the same period in 2022, driven by a boost in domestic consumption
“Amidst the gradual recovery of offline social activities and domestic policies that vigorously promote and encourage physical fitness, there is a noticeable surge in domestic consumer confidence. This has accelerated the release of the immense potential in sports consumption, boosting the prosperity of the sports industry. Driven by domestic consumption upgrades and digital advancements, the sports industry is witnessing the emergence of new drivers fuelling its growth, paving the way for new opportunities in high-quality development”, stated the Chairman of 361 International Degrees.

First Half Results

In the first half of 2023, 361 Degrees International recorded a revenue increase of 18%, reaching 4.31 billion Renminbi (550.4 million euros), on a comparable basis to the same period of last year.

In detail, the kids' business segment revenue grew by 33.4% in the first semester of the year to 910.9 million Renminbi (116.3 million euros) and the Others segment posted a revenue increase of 8.2% to 67.6 million Renminbi (8.6 million euros), as compared to a similar period in 2022. Furthermore, within the adults' segment, footwear revenue was up by 28.4% year-over-year, reaching 1.90 billion Renminbi (242.6 million euros), apparel revenue decreased by 1.4% to 1.36 billion Renminbi (173.7 million euros) and accessories revenue amounted to 69.40 million Renminbi (8.8 million euros), up by 52.4% year-over-year.

360 Degrees' gross profit totalled 1.79 billion Renminbi (228.6 million euros) in the first half of the current fiscal year, up by 18.5% over a similar period of the prior year, leading to a year-over-year 0.2 percentage points increase in the gross profit margin to 41.7%.

In the six months to the 30th of June, the company's profit attributable to the equity shareholders amounted to 703.6 million Renminbi (89.8 million euros), increasing by 27.3%, on a comparable basis to the same period of fiscal 2022.

1 Renminbi = 0.13 euros


Image Credits: www.sports-insight.co.uk/

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