Topsport sales sag in latest fiscal quarter, as its shares tumble on Nike reports
Sportswear seller Topsport International Holdings Ltd. (6110.HK) said on Thursday that sales for its retail and wholesale operations registered a low-teens decline in the three months through May 31, the first quarter of the company’s fiscal year. The gross-selling area of the company’s directly operated stores fell by 2.9% at the end of May from three months earlier, and was down 11.2% year-on-year.
Topsport’s shares were suspended on Thursday morning after the company noticed unusual movements in its price and trading volume the previous day. It said media reports had speculated that Nike planned to terminate all its first-tier online distributorship authorizations in Mainland China from Jan. 1 next year, but added it has not received any official notice to that effect from Nike.
It said the online sale of Nike products accounted for about 22% of its revenue during its fiscal year through Feb. 28, 2026.
The company’s stock fell 14.6% to close at HK$2.05 on Wednesday before the trading suspension. The shares are down about 30% this year.
By Doug YoungTo subscribe to Bamboo Works free weekly newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Luk Fook reports double-digit sales growth in its fiscal third quarter
- Envision Greenwise returns to the black in its latest fiscal year
- Sportwear brand 361 Degrees maintains its sales tempo
-
BRIEF: Jiumaojiu reports same-store sales growth for its Tai Er chain in first quarter
9922.HK
- BRIEF: Sun Art Retail swings to loss in latest fiscal year
- Its losses widening, Bitfire builds up its bets on the stablecoin race
- Sa Sa spruces up sales but will it be just a cosmetic lift?
