Stock Track | Anta Sports Shares Plummet After Weak Q3 Sales and Guidance Withdrawal

Stock Track10-14

Shares of Anta Sports Products Ltd. (2020.HK) plummeted by 10.14% on October 14, 2024, as the Chinese sportswear giant reported disappointing sales figures and withdrew its annual guidance, sparking concerns about the company's future growth prospects.

In its third-quarter sales update, Anta Sports Products revealed a low-single-digit drop in sales for its Fila brand, while retail sales for its Anta-branded products grew by a mid-single digit. However, the overall retail sales performance for both the Anta and Fila brands was 10% below the company's expectations, according to a filing on Thursday.

Adding to the concerns, the company highlighted the "increased difficulty in projecting fourth-quarter retail sales" and declined to provide an updated annual guidance. Analysts interpreted this move as a de facto withdrawal of the company's 2024 guidance for both brands, citing management's hesitation in providing a clear outlook due to the uncertain market conditions.

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(2020.HK) plummeted by 10.14% on October 14, 2024, as the Chinese sportswear giant reported disappointing sales figures and withdrew its annual guidance, sparking ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02020","symbol_name":"安踏体育","start_time":0,"source_url":"","article_id":"1133134360","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1133134360","pubTimestamp":1728904128,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Anta Sports Products Ltd.  plummeted by 10.14% on October 14, 2024, as the Chinese sportswear giant reported disappointing sales figures and withdrew its annual guidance, sparking concerns about the company's future growth prospects.In its third-quarter sales update, Anta Sports Products revealed a low-single-digit drop in sales for its Fila brand, while retail sales for its Anta-branded products grew by a mid-single digit. 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