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Article Date: March 2023
Word Count: 460

Xtep Int’l Net Flat for Year as Costs Mount

After a scintillating first half, tougher comparisons and rising costs in H2 resulted in just a 1% rise in net income to RMB 921,694,000 ($136.8 mm) from RMB 908,339,000, despite 29% higher revenues at RMB 12,930,385,000 ($1,919.3 mm) up from RMB 10,013,239,000. The Chinese sportswear brand’s growth was broad-based, with footwear up 31% to RMB 7,760.2 million, apparel growing 26% to RMB 4,896.9 million and accessories gaining 38% to RMB 273.3 million. Gross margin contracted 80 basis points to 40.9% due to product and channel mix. SG&A was up 35%, deleveraging ... Log in to view full article.


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