Anta Sports' 2023 Revenue Jumped 16% on Growth Across Segments
By Ronnie Harui
Anta Sports Products' revenue climbed 16% in 2023 on high-quality growth across all of its business segments.
Revenue rose to 62.36 billion yuan ($8.65 billion) from CNY53.65 billion in 2022, the Chinese sportswear retailer said Tuesday. Operating profit margin rose to 24.6% from 20.9%, thanks to improved operating efficiency.
Net profit including the share of loss of a joint venture increased 35% to CNY10.24 billion, the company said. Excluding the share of loss of a joint venture, net profit rose 45% to CNY10.95 billion.
Anta Sports is the largest shareholder of Wilson tennis-racket maker Amer Sports, which listed in the U.S. in February. During the financial year, Amer Sports was a subsidiary of its joint venture AS Holding.
For 2024, Anta Sports said it remains cautiously optimistic about its business prospects.
"From the premium sector to the mass market, we believe that mainland China's sportswear industry will maintain steady to rapid growth across different consumer segments, and will remain as a promising market segment," it said.
The outdoor and niche sports markets continue to gain traction, while the women's sports market holds substantial growth potential and youth sports education shows swift development, the company said.
Write to Ronnie Harui at ronnie.harui@wsj.com
(END) Dow Jones Newswires
March 26, 2024 01:58 ET (05:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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