361 Degrees reported net profit rose 32.9 percent in the first half to ¥401.4 million. Revenue increased by 15.7 percent year on year to ¥3,107.1 million.
Gross profit increased by 28.0 percent year on year to ¥ 1,299.7 million.
Cash and cash equivalents (including bank deposits and cash in hands, and fixed deposits with original maturities not exceeding three months) amounted to ¥2,966.1 million. The final redemption of 7.25 percent senior unsecured notes due June 3, 2021 was completed by the Group with its internal resources Operational performance
Operational Performance
- With its professional and fashion sporting products, the Group has upgraded its brand resource matrix. The Group also signed a contract with Gong Jun, a Chinese actor, as a global endorser of its products. The Group is promoting the China-Chic culture and has officially entered into a strategic cooperation agreement with the China Cotton Industry Alliance (CCIA).
- 361° Kids kept the growth momentum with year-on-year growth of 24.0 percent in revenue and accounted for approximately 16.0 percent of the Group’s total revenue. 361° Kids differentiated itself its brand statement “Love it, Kids!” and launched “technology-driven, new China-Chic” products to reinforce its position in the kids’ wear category.
- Sales of web-exclusive products at its e-commerce business increased 54.5 percent year-on-year and accounted for 15.7 percent of the Group’s total revenue. The Group continued its consumer-centric approach and upgraded its consumer experience through omnichannel leveraging product upgrades, digital transformation and operational efficiencies.
Ding Wuhao, president, 361 Group said, “Looking ahead to the second half of this year, the sports industry is expected to maintain momentum of steady growth and enter into a stage of high-quality development. As a leading sportswear brand enterprise in China, 361 Degrees will continue to uphold the brand concept of ‘One Extra Degree of Passion’ and reinforce its positioning as a ‘specialized, youthful and internationalized’ brand. We will endeavor to continuously enhance the brand value and product value, better serve consumers and strive to bring good returns to the shareholders.”