CROSBY Research – Anta Sports (2020 HK/BUY): Accelerated 2Q24 growth in retail sales

15 Jul 2024

Anta announced its 2Q24 operational results, with retail sales for its Anta Core Brand recorded a HSD growth YoY, accelerating from MSD growth in 1Q24. Adult sales continue to enjoy robust growth with a HSD YoY growth, while kids sales were up b y MSD YoY. Online sales recorded strong growth during the quarter and were up by 20% YoY, compared with 1Q24 20%-25% YoY growth. Retail inventory turnover was at a healthy level of less than 5 months (same as 1Q24), while the retail discount rate improved by 1ppt compared to 1Q24, which was at around 20%-25%.