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Article Date: March 2021
Word Count: 311

361 Degrees’ 2020 Sales Slip 9%


Net income attributable to shareholders at the Chinese sportswear brand declined 4% for the year to RMB 415,065,000 ($60.1 mm) from RMB 432,403,000 on a 9% drop in revenues to RMB 5,126,958,000 ($742.9 mm) from RMB 5,631,866,000. Gross margin narrowed by 240 basis points to 37.9%, blamed partly on higher raw material costs, though labor costs declined. Operating expenses were down 12% in yuan and leveraged 90 b.p. as a percent of sales, mostly due to fewer sponsored events during the pandemic. Advertising and promotion spending ramped back up to drive sales once lockdowns were lifted, however.

 

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