Revenues and profits rise at Xtep
China-based fashion sportswear company Xtep International Holdings Limited has posted higher sales for the year ended December 31.
During the year, revenue surged 23.7% to approximately RMB3.5 billion ($512.6 million). Revenue generated by the Xtep brand continued to be the group’s key growth driver, rising 27.8% year-on-year to approximately RMB3.3 billion (93.9% of the total). Profit for the year rose by 27.4% to RMB648 million.
Ding Shui Po, chairman and chief executive officer, said: “Due to the PRC’s effective and sustained economic development and speedy urbanisation reforms coupled with the government’s aggressive promotion of domestic demand and consumption, China’s consumer market is expected to stay on a steady growth trend over the long run. In addition, the sports industry is poised to be one of the key industries promoted by the country.
“Leveraging on the group’s innovative and multi-faceted marketing strategies, the group will strive to enhance its market position as well as the brand presence in global sporting events.”
