Topsports reported slightly lower earnings in its fiscal year ended February 28 as sales declined 4.7 percent year-over-year (y/y). The Chinese sportswear retailer said the sales decline was “mainly due to the sluggish macro consumption environment and declining offline foot traffic, partly offset by the growth of the online retail business during the year.”

Sales for the year reached RMB 25.7 billion ($3.8 bn), down from RMB 27.0 billion in the prior fiscal year.

The decline also reflects a net decrease of 660 stores in the last fiscal year. It ended the last fiscal year with 4,360 stores, down from 5,020 at the start of the year. Topsports closed 861 locations and opened 201 in its last fiscal year.

Topsports said it has been aggressively closing locations in recent years, with net decreases of 1,124 doors in fiscal 2025, 421 in fiscal 2024 and 1,130 in fiscal 2023.

Brand Sales
By brand category:

  • Principal brands, including Nike and Adidas, in fiscal 2026 reached RMB 22.3 billion, down 4.2 percent year over year.
  • Other Brands’ sales fell 7.4 percent to RMBB3.24 billion, which includes Puma, Converse, VF Corp. brands (Vans, The North Face and Timberland), Asics, Onitsuka Tiger, Skechers, NBA, Li-Ning, Hoka, Kailas, and Norda.

Channel Sales

  • Retail Operations sales totaled RMB 22.4 billion, down 2.7 percent y/y;
  • Wholesale Operations sales were RMB 3.16 billion, down 16.6 percent y/y;
  • Concessionaire fee income was RMB 124.1 million, sinking 14.9 percent; and
  • E-sports income amounted to RMB 40.7 million, down by RMB 21.0 million y/y.

Topsports reported that operating profit decreased 4.5 percent to RMB 1.52 billion.

Net profit slipped 1.5 percent to RMB 1.27 billion in fiscal 2026.

Image courtesy Topsports