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.

A stronger-than-expected H1 and shored-up guidance across the P&L for the back half of 2024 prompted S&P Global to revise its outlook for the Three Stripes to stable from negative and reaffirm its A-/A-2 long- and short-term issuer credit ratings.

Net income was up 15% to SEK 300 million ($28.8 mm) from SEK 262 million for the third quarter on revenues that ticked 1% higher to SEK 2,344 million ($225.0 mm) from SEK 2,311 million.

The Chinese sportswear brand said that its retail sell-through was up mid-single digits for the core Xtep brand in Q3, while the retail discount level was around 25%.

After bouncing from Warrior to New Balance to Nike, the Reds will wear the Three Stripes again starting with the coming 2025/26 season.

Dux Bux, which is owned by YouTuber Andrew Flair, filed suit in NE district court accusing Stated Apparel of copying several trademarks related to its Dux Waterfowl and Bux Hunting marks on apparel and accessories.