May 23, 2023
A second nine-figure writedown of the Supreme brand resulted in a bottom line loss of $214,892,000 in the final fiscal quarter ended Mar. 31 against a profit of $80,842,000 last year, on 3% lower revenues of $2,739,613,000 down from $2,824,664,000 that would have been flat constant currency.
The bottom line expanded 17% to $304,649,000 in Q1 from $260,559,000 last year, as 3.4% comp store growth—lapping last year’s 8.4% decline due to inventory shortages—contributed to 5% higher revenues at $2,842,181,000 against $2,700,205,000.
Net income attributable to shareholders declined 25% to RMB 1,836.6 million ($272.6 mm) in the fiscal year ended Feb. 28, down from RMB 2,446.5 million the year before, as revenues at China’s biggest sportswear retailer slipped 15% to RMB 27,073.2 million ($4,018.6 mm) from RMB 31,876.5 million.
Net loss widened 15% to $20,937,000 from $18,214,000 on sales that were down 43% to $68,419,000 from $119,724,000 for the fiscal fourth quarter ended Mar. 31, as both segments saw demand plunge from pandemic levels.
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