The Chinese group achieved year-over-year sales lifts from both its retail business and Other Brands segment (Puma, Converse, Asics, and Hoka among others) to help it realize overall FY revenue growth of 6.9 percent to 28,933.2 yuan renminbi (€3.74b) for the 12 months ended Feb. 29. Annual operating profit grew by 14.6 percent to RMB2,786.5 million (€360.3m) and net profit attributable to shareholders rose by 20.5 percent to RMB2,213.0 million (€286.2m). Annual gross margin inched up by 10 basis points to 41.8 percent.
Topsports’ retail operations business, consisting of 6,144 stores at year-end, increased its annual sales by 8.9 percent to RMB24,702.7 million (€3.19b). But the company’s wholesale business sales declined by 3.3 percent to RMB4,021.7 million (€520.0) and its concessionaire fee income contracted by 2.9 percent to RMB169.9 million (€22.0m).
Nike and Adidas sales, which comprise the company’s principal brands segment, increased by 6.5 percent to RMB24,834.1 million (€3.21b) last year. But Topsports’ Other Brands segment, consisting of a dozen brands that include Skechers, Asics, and The North Face, rose by 10.5 percent over the FY to RMB3,890.3 million (€503.1m).
