BRIEF: Xtep’s sales growth slows in third quarter

Sportswear maker Xtep International Holdings Ltd. (1368.HK) announced on Wednesday its retail sales grew by mid-single digits year-on-year in the third quarter, down from the high-teens growth in the same period a year earlier. Retail sales for its Saucony brand, which it acquired at the end of last year, grew by more than 50% year-on-year.

The company added its retail discount level was about 25%, which was narrower than last year’s 25% to 30% discount rate. It said its channel inventory turnover time continued to improve, falling to four months in the third quarter from 4.5 to five months a year earlier.

By Lau Chi Hang

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