Sportswear giant’s profits rise 45%

Eleanor Wang

361 Degrees International (1361) saw its net profit jump 45% to 601 million yuan (737 million Hong Kong dollars) last year, but no dividend was proposed.

According to its annual report, the company’s revenue rose 15.7 percent to 5.93 billion yuan, while its gross profit rose 27.3 percent to 2.47 billion yuan and its gross profit margin increased. increased by 3.8 percentage points to 41.7%.

The company’s cash and cash equivalents stood at 3.34 billion yuan at the end of 2021. At the same time, the turnover days of customers and receivables decreased from 159 days to 149 days. and inventory turnover days were reduced from 111 days to 87 days. .

In view of the ongoing pandemic outbreak around the world, the uncertainty of the macroeconomic environment and the company’s development strategy, the Board of Directors has prudently decided not to distribute the 2021 final dividend for time to conserve cash.

Revenue from shoes, one of the company’s main product categories, rose 21.7% to 2.53 billion yuan, while another category, apparel, recorded an increase of 7.3% to 2.14 billion yuan, accounting for 42.7% and 36.2% of the company’s total revenue. respectively.

As of the end of last year, China’s leading retail network sportswear brand had 5,270 stores, representing a net increase of 105 stores from 2020.

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