Profits plummet 70% at China's Exceed - sportstextiles: Lea SportsTextiles

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Profits plummet 70% at China's Exceed

16/05/2013
Exceed, owner of Xidelong and one of the largest sportswear brands in China, has reported its revenues for the first quarter of this year fell 66% to $48.5 million on the back of weakening consumer demand.

Profit fell 70% to $12.7 million, which the company said was expected and due to the domestic economic slowdown.

Shuipan Lin, Exceed's founder, CEO, said: "Even though we face intense competition in the sportswear industry, we continued to stay focused on our mass market positioning. We continue to introduce a range of popular priced sportswear products to target the mass market and to better align with customer preferences.

"While we expect to operate under unfavourable economic conditions for the remainder of this year, we believe we have the right strategy in place to effectively manage our production and inventory levels, maintain a lean operating structure and strengthen our brand awareness. We believe this will allow us to maximise our growth opportunities in anticipation of an improving macroeconomic environment."


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