CROSBY Research – Anta (2020 HK/BUY): Robust 1Q25 sales growth, plans to acquire Jack Wolfskin

14 Apr 2025

Anta announced its 1Q25 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY, flat QoQ compared to 4Q24 (3Q24: MSD, 2Q24: HSD). Both adults and kids sales grew by HSD YoY. Online sales continued to record strong growth during the quarter and were up by low-teens YoY, compared with 4Q24 high-teens growth, while offline sales grew by MSD YoY. Retail inventory turnover was at a healthy level of less than 5 months (4Q24: around 5 months), while offline retail discount was unchanged at 28%, flat YoY, and online retail discount increased slightly by 2ppt to around 50%.