February 26, 2019 / 4:46 AM / a month ago

China's ANTA Sports posts record annual profit on sporting boom

HONG KONG, Feb 26 (Reuters) - ANTA Sports Products Ltd booked record annual net profit for a fourth straight year on Tuesday, as its online and offline businesses expanded further on strong demand in China for sportswear and sporting goods.

Net profit jumped 32.9 percent to 4.103 billion yuan ($613.13 million) in the year ended December 2018, from 3.088 billion yuan in the previous year, the country’s biggest sportswear retailer by market value said.

The figure was slightly ahead of the 3.98 billion yuan average of 30 analysts’ estimates compiled by Refinitiv.

Revenue surged 44.4 percent to 24.10 billion yuan, while gross profit margin increased 3.2 percentage point to 52.6 percent.

$1 = 6.6919 Chinese yuan Reporting by Donny Kwok; Editing by Subhranshu Sahu

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