Sports shoes and apparel retailer Topsports International Holdings Ltd. (6110.HK) on Monday announced that overall sales for its retail and wholesale operations recorded a mid-single-digit decline year-on-year in the three months to November. During the period, the gross selling area of its directly operated stores declined by 2.1% from the end of the previous quarter, and was down 4.4% year-on-year.
The decline marked the third consecutive quarter of falling sales for the company this year. In the previous quarter, Topsports’total sales for its retail and wholesale operations declined by a low-teens percentage amount year-on-year. In the quarter before that through May, the company also logged a mid-single-digit decline.
Topsports shares opened 0.4% lower at HK$2.70 on Tuesday, though they later reversed course and were up 4.1% midway through the afternoon session. The stock has fallen by about 55% since the beginning of the year.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
