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Xtep reports 10.4% revenue growth in H1

Chinese sports brand Xtep reported a 10.4% YoY increase in H1 2024 revenue to 7.2 billion RMB ($992 million) and a 13% rise in net profit to 750 million RMB ($104 million), with a gross margin of 46%, up by 3.1 percentage points. Revenue for the main brand rose 6.6% to 5.79 billion RMB ($803 million), while the professional sports segment surged 72% to 590 million RMB ($81 million), and the fashion sports segment grew 9.7% to 820 million RMB ($113 million). Footwear revenue increased 14% to 4.44 billion RMB ($611 million). E-commerce revenue grew over 20%, with retail sales on Douyin, Dewu, and WeChat Video Accounts up more than 80%. Online sales during the 618 shopping festival rose by over 50% for the group and 40% for the main brand.

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