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Article Date: March 2019
Word Count: 298

361 Degrees’ Bottom Line Falls on Tepid Sales

Comprehensive net income at the Chinese sneaker and sportswear brand dropped 60% to RMB 222,417,000 ($33.6 mm) from RMB 549,994,000 in 2018 on revenues that inched up 1% to RMB 5,187,446,000 ($784.1 mm) from RMB 5,158,200,000. Excluding foreign exchange and other comprehensive items, net income was off 34% to RMB 303,665,000 from RMB 456,706,000. Profitability was pressured by a 120 basis point contraction in gross margin to 40.6%, attributed to a brand rebuilding program and the fast-growing e-commerce business which diluted the margin of the core brand. In addition, selling and distribution expenses ballooned by RMB 87.0 million and administrative ... Log in to view full article.


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