Do­mes­tic sports brands see profit plum­met

China Daily (Hong Kong) - - BUSINESS / DIGEST -

China’s sports brands are ex­pe­ri­enc­ing a de­cline in prof­its, ac­cord­ing to newly re­leased midterm re­ports. On Tues­day night, 361 De­grees an­nounced that prof­its slumped by 65.5 per­cent for the first six months to 205 mil­lion yuan ($33.5 mil­lion) from the same pe­riod last year. In­ven­tory man­age­ment prob­lems and a shrink­ing num­ber of or­ders are the ma­jor rea­sons for the de­cline, the com­pany said on Tues­day. Li Ning, an­other sports­wear brand in China, an­nounced last week that it lost 184 mil­lion yuan through the first six months of this year due to in­ven­tory man­age­ment prob­lems and over-ex­pan­sion.

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