特步国际(1368.HK):零售保持平稳 产品矩阵优化

长江证券
23 Apr

事件描述特步发布2025Q1 零售情况,特步主品牌Q1 流水同比增长中单位数,折扣70-75 折,库销比~4 个月,索康尼流水同比增长超40%。事件评论主品牌零售平稳,索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数,预计主要依靠鞋类增长带动,功能性跑鞋延续较优增长表现。此外预计线上增速高于线下,线下连带率和客单价保持稳定,折扣70~75 折,库销比4 个月,整体零售表现平稳。索康尼...

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