CROSBY Research – 361 Degrees (1361 HK/ BUY): Double digit growth in 3Q25

15 Oct 2025

361 Degrees announced its 3Q25 operational results, with offline retail sales for its 361° Core Brand recorded a ~10% growth YoY (2Q25: ~10%, 1Q25: +10%-15%), while 361° Kids was up by ~10% growth YoY (2Q25: ~10%, 1Q25: +10%-15%). Online sales continue to grow healthily and recorded a ~20% YoY sales growth during the period (2Q25: ~20%, 1Q25: +35%-40%). Retail inventory turnover was at a healthy level of 4.5-5 months (flat QoQ), while the retail discount level was at around 30% (2Q25: 29%).