Shares of Topsports International Holdings Ltd. plummeted more than 5% on Wednesday morning, after the sportswear retailer reported disappointing financial results for the latest periods, citing a decline in sales.
In its interim results for the six months ended August 31, 2024, Topsports said its profit attributable to shareholders fell to 873.8 million yuan ($123 million), down from 1.34 billion yuan in the same period a year ago. Revenue for the half-year period declined to 13.05 billion yuan from 14.18 billion yuan in the prior year.
The company also noted that its total sales for retail and wholesale operations in the second quarter registered a low-teens decline year-over-year. The weaker sales performance appears to have weighed heavily on Topsports' profitability, leading to the sharp drop in its stock price.
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