Peak Sports Products, one of China’s largest sportswear makers, warned that it expects profit for the first half to “decrease considerably” from a year earlier.
The
company attributed to decline to “industry-wide destocking and a
“sluggish economy,” which in turn hurt demand for new products, according to forbes.com.
Peak Sports reported net profit in the first half of 2012 fell 43 percent from a year earlier
to ¥239.7 million ($39 million). Revenues tumbled 38 percent to ¥1.6
billion ($260 mm).
Peak Sports has a number of NBA players as endorsers, including Tony Parker of the San Antonio Spurs and Shane Battier of the Miami Heat.
