Net income slipped by a third to RMB 873.8 million ($120.7 mm) from RMB 1,337.2 million in the fiscal first half ended Aug. 31, on 8% lower revenues of RMB 13,054.7 million ($1,803.1 mm) down from RMB 14,176.5 million, in line with Topsports’ profit warning last month. The results lap last year’s 7% topline improvement rebounding from the PRC’s Zero-Covid pandemic lockdowns. But now, the Chinese economy is under pressure, with falling property values and high youth unemployment hurting consumer spending and store traffic.
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