Stock Track | TOPSPORTS Plunges Over 5% on Weak Fiscal H1 Results

Stock Track10-24

Shares of Topsports International Holdings Limited (HKG:6110) plummeted over 5% on Wednesday after the sportswear company reported disappointing financial results for the first half of its fiscal year ended August 31, 2024.

The Hong Kong-listed company saw its net profit attributable to shareholders nosedive 34.5% year-over-year to 873.8 million yuan ($123.2 million). Revenue for the six-month period also declined to 13.05 billion yuan, down from 14.18 billion yuan in the same period last year.

Topsports further disclosed that its total sales for retail and wholesale operations in the second quarter registered a low-teens percentage decline compared to the previous year. The weaker financial performance led the company to cut its interim dividend to 0.14 yuan per share, lower than the 0.16 yuan paid out a year ago.

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