Companies

361 Degrees reports double-digit growth

Mar 26, 2024 China

The Chinese-based activewear company ended the fiscal year 2023 with a double-digit revenue growth of 21%, as compared to 2022. The Kids business was the fastest growing over the period

“In 2023, the global economy experienced rapid reconstruction, while the People’s Republic of China maintained strategic stability with a robust macroeconomic foundation. The recovery momentum continued to strengthen, showcasing the market’s considerable resilience. With the comprehensive restoration of economic and social order, China’s consumer market is gradually rebuilding confidence”, said the company’s Chairman, commenting on last year's results.

Full Year Results

361 Degrees International reported revenue of 8.42 billion Renminbi in 2023 (1.07 billion euros), an increase of 21.0% on a comparable basis to the previous year.

In terms of its core brand products, the company’s footwear sales increased by 23.0% year-on-year to 3.50 billion Renminbi (446.7 million euros), apparel sales increased by 9.8% year-on-year to 2.69 billion Renminbi (343.3 million euros) and accessories sales increased by 43.9% year-on-year to 136.8 million Renminbi (17.5 million euros). This segment accounted for 75.2% of the total revenue, as compared to 77.6% in 2022.

On the other hand, the Kids business segment grew the most in 2023, with revenue growth of 35.7% to 1.96 billion Renminbi (250.1 million euros), on a comparable basis to the prior year. This segment represented then 23.2% of the company’s total revenue, up from 20.7% in 2022. At last, other sales of shoes totalled 131.5 million Renminbi (16.9 million euros), an increase of 8.0% over the previous year.

For the year ended on the 31^st of December 2023, 316 Degrees recorded a total gross profit of 3.46 billion Renminbi (441.6 million euros), as compared to 2.82 billion Renminbi (360.0 million euros) in the prior year, with gross margin improving by 0.6 percentage points from 40.5% to 41.1%.

The Chinese-based company’s profit attributable to the equity shareholders amounted to 961.4 million Renminbi (122.7 million euros) last year, as compared to the profit of 747.1 million Renminbi (95.3 million euros) registered in 2022.

1 RMB = 0.13 EUR

Image Credits: believeintherun.com

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