Profit up 67% at Peak Sport
China-based sportswear and accessories manufacturer Peak Sport Products has announced that its net profit rose 67.1% year-on-year to RMB628 million ($92 million) in 2009. The firm's profit margin rose 4.8 percentage points to 37.5% in 2009.
The company recorded footwear sales of RMB1.4 billion last year and the company says it plans to produce 15.7 million pairs of shoes per year by the end of 2013. Clothing sales rose 67% to RMB1.6 billion.
As of December 31, Peak had 6,206 retail outlets, 1,027 of which were added last year. In 2010, Peak aims to add 1,000 retail outlets and 100 stores for sporting goods related to basketball. The 1,100 outlets will be principally in second- and third tier Chinese cities. The company will also invest $10 million to open a research and development centre in Los Angeles.
