World Footwear

Companies

361 Degrees with 7.9% same store sales growth

Jan 18, 2016 Hong Kong
361 Degrees with 7.9% same store sales growth
The Hong Kong-based group has given the market an operations update for the fourth quarter of 2015
The group continues to operate on its franchised business model with 31 exclusive distributors, supervising about 3 000 retailers who operate the stores throughout China. By the end of the fourth quarter of 2015, there were 264 new stores, with 546 closures occurring in the period, bringing the total network to 7 208 outlets.

361º Degrees confirmed that the major reasons for store closures were the expiry of the rental contract towards the end of the year and urban planning.

The group has 1 514 composite stores which carry 2-in-1 or 3-in-1 products by the end of the fourth quarter of 2015. The group reinforced its intention to focus on store efficiency through increasing the number of composite stores, a better merchandizing of product mix, and more prominent displays within the stores.

Based on retail sales data from a sample of 3 864 outlets which have been in operation for more than 24 months, the group announced a same store sales growth of 7.9%.

The group also confirmed that by the end of the fourth quarter of 2015 and regarding the independent business unit 361° Kids, there were 37 new stores, which compares with 127 closures in the period, bringing the total to 2 350 points of sale.

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