Net income attributable to shareholders slipped 12% in the fiscal year ended Feb. 28 to RMB 2,446.5 million ($379.4 mm) from RMB 2,770.1 million, on 11% lower revenues of RMB 31,876.5 million ($4,942.9 mm), down from RMB 36,009.0 million. The Chinese retailer, which operates stores in the PRC for 11 international brands, blamed the shortfall on Covid shutdowns and inventory shortages. Without specifically mentioning the boycotts of Western brands over Xinjiang sourcing, Topsports noted that it was carefully managing around “complex market conditions.”

Sales of Nike and Adidas, which make up the vast majority of Topsports’ business, dropped 12% to RMB ... Log in to view full article.