On May 23rd, Topsports (HK:06110), the largest sportswear and apparel retailer in China, released its annual performance report for the fiscal year ending on February 28, 2023. Due to the overall weak consumption environment during the pandemic, the company’s revenue decreased by 15.07% to 27.07 billion yuan, while net profit attributable to shareholders dropped by 24.9% to 1.837 billion yuan. The gross profit margin also declined from 43.4% in the previous fiscal year to 41.7%.
Breaking down the figures by brand category, revenue for the main brands, including Nike and Adidas, …
