China Sports’ 1Q net profit falls 22.3% to $3.9m 
 

China Sports International, the branded sports fashion footwear and apparel company, says net profit for the first quarter ended 31 March 2011 (1Q11) fell 22.3% to RMB 20.2 million ($3.9 million) from RMB 26 million in 1Q10 as group revenue declined 29.8% y-o-y to RMB 264.8 million.

The decrease in revenue was mainly due to tougher competition in the industry, especially for footwear products that resulted in weaker demand for the group’s products. However, the drop was offset by higher sales of apparel and accessories which were driven by more YELI specialty stores being opened.

Group gross profit margin increased from 15.0% in 1Q10 to 20.6% in 1Q11 due to the improvement in footwear gross margin as well as positive shift in product mix with higher contribution to group revenue from YELI apparel and accessories products.



Earnings per share in 1Q11 was 2.10 RMB cents while net asset value per share as at 31 March 2011 was 118.40 RMB cents. 

 

 

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