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Fewer stores, but more sales for 361 Degrees

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 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.

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