CROSBY Research – 361 Degrees  (1361 HK/BUY): Stable YoY growth in 4Q25

14 Jan 2026

361 Degrees announced its 4Q25 operational results, with offline retail sales for its 361° Core Brand recorded a +10% growth YoY (3Q25: +10%, 2Q25: +10%), while 361° Kids was up by +10% YoY (3Q25: +10%, 2Q25: +10%). Online sales continue to grow healthily and recorded a high double-digit YoY sales growth during the period (3Q25: ~20%, 2Q25: +20%). Retail inventory turnover was at a healthy level of 4.5-5 months (flat QoQ), while the retail discount level was at around 29%-30% (3Q25: 30%).