Net income attributable to shareholders was down 42% to RMB 1,286.0 million ($180.0 mm) from RMB 2,213.0 million for the fiscal year ended Feb. 28, as revenues at China’s biggest sportswear retailer dipped 7% to RMB 27,012.9 million ($3,781.8 mm) from RMB 28,933.2 million. With the country’s weakening consumer demand leading to falling brick-and-mortar traffic, promotional activity, and shifts in online and offline mix ramped up to alleviate inventory pressures, particularly in H2. Looking at the fleet, store closures accelerated after a calmer net decline of 421 across 2023-24. Directly operated ... Log in to view full article.