H1 revenues up 21% at Naibu
Chinese sportswear manufacturer Naibu has posted improved results for the six months ended June 30.
First-half revenues increased by 20.5% to RMB950.1 million ($155.3 million) compared with RMB788.7 million during the same period in 2012. Pre-tax profits reached a record RMB214.8 million, up from RMB184.9 million during the prior-year period.
The company opened 104 new Naibu-branded stores in H1 2013, bringing the total to 3,144 stores. It plans to increase its product range to 530 items by the end of the year compared with 414 at the end of 2012.
Executive chairman Huoyan Lin said: “The board is pleased with the progress that has been made during the period, with 104 new stores opened, significant investment made into R&D, and plans to improve the group’s production facilities progressing well.
“Government policies in China are supportive of urbanisation, a key growth factor for Naibu, and the board intends to capitalise on the significant opportunity in China as disposable income continues to increase and sports activities become more popular.
“Naibu is well placed to benefit from the opportunities for growth in the Chinese sportswear market, both in the near and longer term, and the board is particularly excited about the group’s plans to expand into more cities and provinces over the coming months.”
