13 Jan 2025

Anta announced its 4Q24 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY, accelerating from MSD YoY growth in 3Q24 (2Q24: HSD, 1Q24: MSD). Adult sales grew by HSD YoY while kids sales grew by LDD YoY. Online sales continued to record strong growth during the quarter and were up by high-teens YoY, compared with 3Q24 20%+ YoY growth. Retail inventory turnover was at a healthy level of around 5 months (3Q24: less than 5 months), which was a bit higher QoQ for CNY preparation, while the online/offline retail discount rates were improved 1ppt/ flattish YoY.

CROSBY Research – Anta Sports (2020 HK/BUY): Sales recovery in 4Q24