18 Oct 2024

361 Degrees announced its 3Q24 operational results, with offline retail sales for its 361° Core Brand recorded a ~10% YoY growth, while 361° Kids branded products was also up by ~10% YoY. Online sales continue to grow healthily and recorded a >20% YoY sales growth during the period. Retail inventory turnover was at a healthy level of 4.5-5 months (flat QoQ), while the retail discount level was at around 29% (2Q24: 30%).  We saw sales growth accelerated by the end of 3Q24, with Sept sales for the core brand up MDD YoY, while kids products up 15%+ YoY and online sales grew by around 20% YoY.

CROSBY Research – 361 Degrees (1361 HK/BUY): Robust sales growth in National Day Golden Week