CROSBY Research – 361 Degrees (1361 HK/BUY): A good start

18 Apr 2024

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