China's Anta Sports' revenue exceeds $4.75 bn in H1 FY24

In the first half of fiscal 2024, Anta segment revenue increased by 13.5 per cent year-on-year to RMB 16.08 billion (~$3.72 billion), solidifying its position as a leading brand in the Chinese market. Fila segment revenue increased by 6.8 per cent year-on-year to RMB 13.06 billion (~$3.02 billion). It maintained high-quality growth while keeping healthy inventory and discounts. The total revenue of all other brands surged 41.8 per cent year-on-year to RMB 4.60 billion (~$1.06 billion), continuing its strong growth.

Profit attributable to equity shareholders (excluding share of profit or loss of an associate/ a joint venture and gain arising from equity dilution under the Amer Sports Listing) increased by 17.0 per cent year-on-year to RMB 6.16 billion (~$1.43 billion). The margin of profit attributable to equity shareholders increased by 0.5 per cent point year-on-year to 18.3 per cent, the company said in a press release.

Operating profit margin maintained at 25.7 per cent, with the Anta segment reaching 21.8 per cent, the Fila segment reaching 28.6 per cent, and all other brands reaching 29.9 per cent. Net operating cash inflow reached RMB 8.50 billion (~$1.97 billion), with free cash inflow of RMB 7.62 billion (~$1.76 billion). As of 30 June 2024, the group held an aggregate amount of cash and cash equivalents, fixed deposits held at banks and pledged deposits of RMB 47.83 billion (~$11.06 billion).

Average inventory turnover days were 114 days, a decrease of 10 days compared with the same period of 2023.

"Although the consumer segment in the first half of the year continued to face numerous uncertainties, the overall trend in the sportswear industry remains stable and positive. The hosting of the Paris Olympic Games has successfully sparked public interest and participation in sports, positively impacting industry demand. The group adheres to the strategy of 'Single-focus, Multi-brand, Globalisation', driving high-quality growth through innovation and further strengthening our three core competitiveness. With our ability and determination to navigate economic cycles, we will advance our global exploration through a unique brand + retail business model, steadily progressing towards becoming a leading sportswear group in the world,” Lai Shixian, executive director & co-CEO of Anta Sports, said.

Fibre2Fashion News Desk (RR)