TOPSPORTS Shares Extend Decline, Falling Over 7% Amid Nike's Gloomy China Forecast

Stock News04-02 10:06

TOPSPORTS (06110) fell more than 7% again. At the time of writing, the stock was down 6.37% to HK$2.50, with a turnover of HK$24.776 million. The decline follows Nike's third-quarter results, which exceeded expectations but were accompanied by a warning of a full-year sales decline. Particularly, a pessimistic outlook for the Greater China market has sparked widespread investor concern. Nike's Chief Financial Officer stated that total revenue for the fourth fiscal quarter, beginning in March, is expected to decline by 2% to 4%. Within this, sales in Greater China are projected to see a significant year-on-year drop of approximately 20%. Notably, on January 21, Nike announced that its Greater China lead, Dong Wei, will officially step down on March 31. Public information shows that TOPSPORTS is China's largest sportswear retailer and service platform. Nike and Adidas are its primary brands, consistently contributing over 80% of its revenue.

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