Shares of Anta Sports Products Limited plummeted by 10.14% on October 14, 2024, following the release of disappointing sales figures and a withdrawal of the company's annual guidance.
In its third-quarter sales update, Anta Sports Products reported a low-single-digit drop in sales for its Fila brand, while retail sales for its Anta-branded products grew by a mid-single digit. However, the overall retail sales performance for both the Anta and Fila brands was 10% below the company's expectations.
Adding to the concerns, Anta Sports Products highlighted the "increased difficulty in projecting fourth-quarter retail sales" and declined to provide an updated annual guidance. Analysts interpreted this move as a de facto withdrawal of the company's 2024 guidance for both brands, citing management's hesitation in providing a clear outlook.
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