CROSBY Research – 361 Degrees (1361 HK/BUY): Double digit sales growth in 1Q25

15 Apr 2025

361 Degrees announced its 1Q25 operational results, with offline retail sales for its 361° Core Brand recorded a 10%-15% growth YoY (4Q24: +10%, 1Q24: +high-teens), while 361° Kids was up by 10%-15% growth YoY (4Q24: +10%-15%, 1Q24: +20%-25%). Online sales continue to grow healthily and recorded a 35%-40% YoY sales growth during the period (4Q24: +30%-35%, 1Q24: +20%-25%). Retail inventory turnover was at a healthy level of 4.5-5 months (flat QoQ), while the retail discount level was at around 30% (4Q24: 27%-30%).