BRIEF: Xtep reports mid-single-digit growth in first quarter

Sportswear company Xtep International Holdings Ltd. (1368.HK) said on Wednesday that its China operations achieved mid-single-digit year-over-year retail sales growth during the first quarter, with average discounts reaching between 25% and 30%.

The company reported inventory turnover of approximately four months across its various distribution channels. Meanwhile, retail sales for its Saucony brand surged over 40% year-over-year during the quarter over both online and offline channels.

Shares of Xtep rose through the trading day on Thursday, and were up 4.3% at HK$4.91 in afternoon trading. The shares are down about 30% from their 52-week high.

By Lau Chi Hang

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