Xtep's Sales Likely to Be Weighed by Fierce Competition -- Market Talk

Dow Jones2023-11-14

0401 GMT - Xtep's 4Q and 2024 retail sales will likely be weighed by intensified competition, Nomura analysts Cathy Xiao and Jizhou Dong say in a research note.During the Double 11 shopping festival, the sportswear company's core-brand gross merchandise value only increased by a high single-digit percentage on year, lower than the high-teens growth in 3Q, the analysts say. Meanwhile, management guides for deeper discounts of 30% in 4Q, indicating tougher competition and increased pressure on sales and margins, they say. Nomura maintains its buy call on Xtep, but lowers its target price to HK$7.40 from HK$11.00 to reflect the sales headwinds in the near term. Shares are 14% lower at HK$5.50. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

November 13, 2023 23:01 ET (04:01 GMT)

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Meanwhile, management guides for deeper discounts of 30% in 4Q, indicating tougher competition and increased pressure on sales and margins, they say. Nomura maintains its buy call on Xtep, but lowers its target price to HK$7.40 from HK$11.00 to reflect the sales headwinds in the near term. Shares are 14% lower at HK$5.50. ","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"01368":"特步国际"},"translate_title":"特步的销售可能受到激烈竞争的影响——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01368":1},"content_text":"0401 GMT - Xtep's 4Q and 2024 retail sales will likely be weighed by intensified competition, Nomura analysts Cathy Xiao and Jizhou Dong say in a research note.During the Double 11 shopping festival, the sportswear company's core-brand gross merchandise value only increased by a high single-digit percentage on year, lower than the high-teens growth in 3Q, the analysts say. 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