Anta Sports attributed its flat operating profit margin of 25.7 percent for the six months ended June 30 to higher expenses related to its retail operations. Overall, H1 operating profit grew by 13.4 percent to 8.61 billion yuan renminbi (€1.08bn) compared to RMB 7.59 billion in the same period last year. Total H1 sales increased by 13.8 percent to RMB 33.74 billion (€4.24bn). Net profit attributable to shareholders, including the impact from the Amer Sports joint venture, rose by nearly 63 percent to RMB 7.72 billion (€970.2m). Excluding any effect from the Amer business, H1 net income was up 17 percent to RMB 6.16 billion (€774.2m).
Gross margin and revenues increased across all business segments. Anta’s H1 sales grew by 13.5 percent year-over-year to RMB 16.08 billion (€1.41bn), as its gross margin increased by 80 basis points to 56.6 percent, and its operating profit rose by 18 percent to RMB 3.50 billion (€440.2m).
Fila’s six-month sales improved by 6.8 percent to RMB 13.06 billion (€1.15bn), while the brand’s gross margin increased by 100 basis points to 70.2 percent. Fila’s year-over-year operating profit increased by 2.6 percent to RMB 3.73 billion (€423.6m). Sales of all other brands accelerated by almost 42 percent year-over-year to RMB 4.60 billion (€404.4m), generating a 40 percent increase in operating profit to RMB 1.38 billion (€172.8m).
H1 sales by product category showed 18 percent year-over-year growth for footwear to RMB 14.64 billion (€1.84bn), an 11 percent gain for apparel to RMB 18.08 billion (€2.27bn), and a 10 percent increase for accessories to RMB 1.02 billion (€127.9m).
By channel, direct-to-consumer sales rose by 10.5 percent in H1 to RMB 8.94 billion (€1.12bn), accounting for 55.6 percent of revenues versus 57.1 percent in the year-ago period. E-commerce sales increased by 20 percent year-over-year to RMB 5.57 billion (€699.5m), and traditional wholesale revenues rose by 8.5 percent to RMB 1.57 billion (€197.7m).
By the fiscal year-end, the Chinese group targets 7,100 to 7,200 Anta stores and 2,800 to 2,900 Anta Kids stores in China and elsewhere. Fila-branded retail concepts are expected to total between 2,100 and 2,200 doors. Descente will have 220 to 230 retail doors by the end of 2024, while Kolon Sport will have between 190 and 200 locations.
