While it closed 546 stores and opened 264 new ones, Chinese shoe and sporting good franchiser 361 Degrees International reports a 7.9 per cent same-store sales growth for the fourth quarter of 2015.
In a Hong Kong Stock Exchange filing, the company says it continues with its franchised business model with 31 exclusive distributors, supervising about 3000 361° retail outlets throughout China.
Established in 2002, the company had 7208 outlets at the end of the quarter, including 1514 composite stores that carry two-in-one or three-in-one products. These stores help increase foot traffic, says the group.
It cites the major reasons for the store closures as expiry of rental contracts and urban planning.
Meanwhile, a focus on store efficiency continues through increasing the number of composite stores, improving the product mix and making in-store displays more prominent.
An independent business unit, 361° Kids Brand en.361sport.com/361degreesgroup/kids.asp had same-store sales growth of 8.2 per cent for the quarter from 2350 points of sale. There were 127 closures by 37 new stores.
Fewer stores, but more sales for 361 Degrees
