Anta posts 22% increase in first-half net profit
09/08/2011
China-based sportswear company Anta Sports has posted a better-than-estimated 22% jump in first-half net profit to $144.1 from a year back.
“The government has a supportive policy on urbanisation and wage increases and this has created opportunities for sportswear retailers,” said chairman Ding Shizhong.
Anta opened 295 new stores in mainland China during the first half of the year, taking its total to 7,844. It plans to open another 350 during the rest of 2011.
Mr Ding expects same store sales to see single-digit growth by the end of the year. Revenue rose 28.9% in the first six months, but gross profit margin dropped 0.9% points from a year ago to 42.8%.
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