17 Jan 2025
361 Degrees announced its 4Q24 operational results, with offline retail sales for its 361° Core Brand recorded a ~10% YoY growth (3Q24: ~+10% YoY), while 361° Kids branded products was up by 10-15% YoY (3Q24: +~10% YoY). Online sales continue to grow healthily and recorded a 30-35% YoY sales growth during the period (3Q24: >20% YoY). Retail inventory turnover was at a healthy level of 4.5-5 months (flat QoQ), while the retail discount level was at around 27%-30% (3Q24: 29%). We saw sales growth decelerated by the end of 4Q24, with a stronger growth in Oct and Nov amid the National Golden Week and the Double-11 festival, while Dec sales was negatively affected by bad weather.
CROSBY Research – 361 Degrees (1361 HK/BUY): Stable growth in 4Q24