361 Degrees International (1361) Q2 2024 earnings summary

Executive summary

• Retail sales of core branded products grew approximately 10% year-over-year in Q2 2024.

• Kids branded products saw mid-teens percentage growth in retail sales compared to Q2 2023.

• E-commerce retail sales increased by 30% to 35% year-over-year in Q2 2024.

• E-commerce initiatives, including live streaming and product curation, drove a 94% year-over-year sales increase during the “618” festival.

Segment performance

• E-commerce sales volume outpaced the industry with a 99% year-over-year increase.

• Omni-channel sales volume of popular products exceeded 240,000 units, up 167% year-over-year.

• Flagship store sales of popular items rose 79% year-over-year during the “618” period.

• Ranked among the top 5 footwear brands and the only domestic brand in the top 30 during the “618” festival.

Significant events and developments

• Launched new and upgraded products, including the “Titan Family” running series and summer outdoor apparel.

• Showcased innovations at the 2024 Jinjiang Footwear Expo across running, basketball, international, and children's sports.

• Became inaugural strategic partner for the 2024 Qinhuangdao Marathon and official partner of the Asian Winter Games Harbin 2025.

• Brand ambassador Nikola Jokic won the 2023-24 NBA MVP award, reinforcing professional brand image.