February 27, 2018 / 4:58 AM / 10 months ago

China's ANTA Sports posts record profit for 2017

HONG KONG, Feb 27 (Reuters) - China’s ANTA Sports Products Ltd on Tuesday reported a record annual net profit for a third straight year, buoyed by gross margin expansion and strong e-commerce business as the country’s sports sector continues to grow.

Net profit jumped 29.4 percent to 3.088 billion yuan ($490.04 million) in the year ended December 2017, from 2.385 billion yuan in the previous year, the country’s biggest sportswear retailer by market value said.

That was in line with the 3.03 billion yuan average of 31 analysts’ estimates compiled by Thomson Reuters.

Revenue rose 25.1 percent to 16.69 billion yuan, while gross profit margin increased 1.0 percentage point to 49.4 percent.

$1 = 6.3056 Chinese yuan Reporting by Donny Kwok; Editing by Subhranshu Sahu

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