Growth of 10% for Xtep in the first half of 2024
Hong Kong-based sports group Xtep has reported revenues of just over US $1 billion for the first six months of 2024. This represents an increase of more than 10% compared to the same period last year.
Footwear sales accounted for 61.9% of total revenues, with apparel contributing 36.1% and accessories the rest.
The group said it would continue to focus on running, with its core brand, Xtep, targeting the mass market, Saucony catering to “high-end sophisticated customers”, and Merrell specialising in trail running and outdoor activities.
In 2019, Xtep entered into a partnership with the parent group of Saucony and Merrell, Wolverine Worldwide, to develop sales in the Chinese market for these two brands.
On announcing the latest results, the chief executive of Xtep, Ding Shui Po, said: “Uncertainty in China’s economy is expected to persist in the second half of 2024. However, our confidence in the group’s prospects remains unwavering, underpinned by strong national policies to promote sports development. We will adopt a conservative operating approach to maintain operational excellence, resilient cash flows and strong governance to foster organic growth.”
