Same Store Sales growth at 16%, retail inventory ratio at below 2.5 times
HONG KONG, April 29 /PRNewswire-Asia/ -- 361 Degrees International Limited ("361 Degrees" or the "Company", together with its subsidiaries, the "Group"; HKSE stock code: 1361), one of the leading sports brand enterprises in China, announces today that its same store sales at 3,200 stores, which had been operating for more than a year, reported a year-on-year growth of 16% for the third quarter ended 31 March 2010.
The first three months of the calendar year 2010 saw a very capricious weather, with a prolonged winter season extending into March, although often punctuated with warmer temperatures. This experience led to a relatively slow start in sales of spring apparel whilst the demand for winter clothing remained remarkably strong throughout the period. Most retailers reported brisk sales during the run-up to the Chinese New Year holidays, with inventories depleting to record low levels. This is expected to have driven strong replenishment demands at the Group's 2010 Winter Trade Fair, which has just ended.
The depth of seasonal discounting, which has evolved into an industry-wide practice, was within anticipated levels and served well in attracting strong foot traffic.
As at 31 March, the Company recorded an inventory to sales ratio of less than 2.5 times, with spring/summer collections comprising the bulk of the retail inventories.
There was a net addition of 85 stores during this quarter as relatively fewer stores were opened because of the strong selling season. This brings the total of franchised stores selling exclusively 361 Degrees products to 6,778.
About 361 Degrees International Limited
361 Degrees International Limited is one of the leading sports brand enterprises in China, possessing brand marketing, research and development, design, manufacturing, distribution and retail capabilities. The Group's products include footwear, apparel, accessories and equipment for sport and leisure uses and a distinct product line for children. The Group has established an extensive supply chain management system through proprietary and sub-contracted manufacturing operations; and an exclusive distribution and retail network in China through distribution via authorized distributors.
For further information, please contact:
iPR Ogilvy LTD.
Natalie Tam / Charis Yau / Summer Si / Vicki Fong
Tel: +852-2136-6182 / 2136-6183 / 2136-6953 / 2316-6184
Fax: +852-3170-6606
Email: natalie.tam@iprogilvy.com / charis.yau@iprogilvy.com/
summer.si@iprogilvy.com / vicki.fong@iprogilvy.com
361 Degrees International Limited
Chen Yuanfeng
Tel: +852-2907-7033
Email: yuanfeng@361sportshk.com / yuanfengchen@yahoo.com
