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Nike distributor TopSports issues profit warning

Nike and Adidas distributor TopSports has issued a profit warning, forecasting a 35% profit drop to 871 million RMB ($120 million) for the six months ending August 31. The decline is attributed to weak consumer spending affecting retail and increased costs from lower offline foot traffic. The company’s performance is closely tied to Nike and Adidas’ market position in China, with domestic brands like Anta and Li Ning increasing market pressure. Additionally, the shift of major brands to online channels and direct-to-consumer models further challenges TopSports by reducing its price advantage and market space.

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