BRIEF: Xtep records strong sales gains in fourth quarter
Athletic shoe maker Xtep International Holdings Ltd. (1368.HK) on Thursday reported strong growth in its core China market during the fourth quarter, led by exceptionally strong growth for its discounted merchandise and for its Saucony brand.
The company said retail sales for its core Xtep brand over online and offline channels in China rose by a high single-digit percentage amount year-on-year in the three months to December. Sales of discounted Xtep merchandise rose by an even stronger 25% to 30% during the quarter year-on-year, while sales for its Saucony brand jumped around 50%.
For the whole year, retail sales of the company’s Xtep brand in China also rose by a high single-digit percentage amount, while Saucony-brand sales for the year were up more than 60%. The company added that inventory turnover for its Xtep brand products during the year was about four months, down slightly from four to 4.5 months in the previous year.
Xtep’s stock was up about 1.3% late in the afternoon trading session on Thursday.
By Doug Young
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