TOPSPORTS (06110) has announced its full-year results for the period ending February 28, 2026. Revenue was approximately RMB 25.74 billion, a decrease of 4.71% year-on-year. Net profit attributable to equity holders of the company was about RMB 1.267 billion, down 1.49% compared to the previous year. Earnings per share were 20.43 cents. The company proposed a final dividend of 3 cents per share and a special dividend of 12 cents per share.
As of February 28, 2026, the group operated a total of 4,360 directly managed stores. The number of stores decreased by 13.1% year-on-year, a moderation from the 18.3% decline in the previous year, primarily due to a lower number of store closures this year. Total sales area decreased by 9.7%, which is largely consistent with the change in store count. Sales area per store saw a modest increase of 3.9%, a significant slowdown from the 7.2% growth in the previous year, further reflecting the group's core operational focus on improving store efficiency and sales per square foot.
In terms of operational quality, the performance of newly opened and renovated stores this year was better than in the same period last year. The overall reduction in losses from store closures also outperformed last year's level. Capital expenditures for the year decreased by 24.0% year-on-year. The structural adjustments to the offline store network have somewhat alleviated the operational pressures stemming from reduced customer traffic.
The group continues to recognize the core value of physical stores in the sports retail industry. It is persistently optimizing and upgrading stores with potential for improvement and actively expanding the omni-channel operational capabilities of its physical stores through differentiated strategies. This allows the company to iterate its layout in line with changing consumption trends. Simultaneously, by leveraging omni-channel traffic attraction and refined operations, the group aims to uncover more incremental growth opportunities for its business development.
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