The profits of Nike’s largest agent in China fell nearly 20% in the first half of the year.
Sports retailer TOPSPORTS released its interim results announcement for fiscal year 2022.
From March 1, 2022 to August 31, 2022, the company’s operating income was 13.22 billion yuan, a year-on-year decrease of 15.1%; net profit was 1.15 billion yuan, a year-on-year decrease of 19.9%. Founded in 2005, Top Sports is the sports business arm of shoe and apparel retailer Belle International. As Nike’s largest agent in the Chinese market, as of August 31, the number of directly operated stores by Taobao was 6,928, a year-on-year decrease of 11%, and the total sales area decreased by 0.7% year-on-year.
Keywords:
Nike’s first-half profit plummets
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