Shares of Anta Sports Products (2020) fell 3.16 percent after the sportswear maker said high inventory and deep discounts squeezed margins last year.Most sportswear stocks underperformed yesterday.
Gross profit margin fell 0.5 percentage points to 42.3 percent last year from 2010. But net profit jumped 11.5 percent to 1.73 billion yuan (HK$2.13 billion) while sales rose by 20.2 percent year on year to 8.9 billion yuan. Final dividend hit 26 HK cents.
Chairman Ding Shizhong said: "We believe the second half will pick up mainly due to the London Olympics effect." GRACE CAO
