By Tracy Qu
Shares of Anta Sports Products slumped after the Chinese sportswear giant reported weaker-than-expected sales in the latest quarter.
The company's Hong Kong-listed stock was 8.9% lower by the midday break Monday, trimming its year-to-date gain to 20%.
The decline followed Anta's third-quarter sales update, which showed a low-single-digit drop for its Fila brand. Retail sales for its Anta-branded products grew by a mid-single digit, while sales for all other brands rose 45%-50% from a year earlier, according to a Thursday filing. The Hong Kong market was closed Friday for a public holiday.
In a business update call following the filing, the company confirmed that the quarterly retail sales performance for the Anta and Fila brands was 10% below its expectation, Citi analysts led by Xiaopo Wei said in a research note.
The sportswear maker also highlighted the "increased difficulty in projecting fourth-quarter retail sales" and declined to provide an updated annual guidance following the third-quarter sales miss, the analysts said.
"We deem this as management's de facto withdrawal of its 2024 guidance for both brands," Citi wrote.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
October 14, 2024 00:57 ET (04:57 GMT)
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