Wednesday, March 20, 2019
Martin Hennecke

361 Degrees net profit surges 13pc
Tracy Hu

361 Degrees International Limited (1361) yesterday posted a 13.4 percent year on year growth in its net profit to 457 million yuan (HK$566 million) for the year ended 31 December.

A final dividend of 3 fen per share was declared, representing an annual dividend payout ratio of 41.2 percent. The total dividend for the year amounted to 9.1 fen per share after adding the interim dividend of 6.1 fen, according to an exchange filing yesterday.

The mainland sportswear company saw its revenue for the period rise by 2.7 percent to 5.16 billion yuan, mainly driven by the growth in trade fair orders in 2017. Revenue contribution from the footwear segment increased to 44.7 percent while apparel sales accounted for 38.5 percent of its total revenue.

In order to further diversify and upgrade its business and explore growth potential, the company has been expanding into overseas markets.

As of December 2017, it established 2,689 retail outlets in Brazil, the United States, Europe and Taiwan.

During the year, its e-commerce business contributed 7.7 percent of 361's total revenue. Currently, the company conducts its e-commerce business mainly through e-commerce platforms in China including Tmall, Taobao, and JD, and launches online exclusive products.

A "smart store" collaborative project with Tmall will be launched in 2018 across the country, said the company in the filing.

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