361 closes 96 stores in fourth quarter

361 Degrees International Ltd, the high-profile Chinese sportswear company, closed 96 retail branches during the fourth quarter of last year, as conditions in the retail sector toughened.

In a trading update, the Hong Kong-listed, Fujian-based company said it also opened around 12 new stores during the period ended Dec 31 and that same store sales grew by 4.3 percent.

Last month, 361 warned that its profits for 2012 are likely to decrease by around 40 percent compared to 2011, as high inventory levels and retail discounting pressures had weighed on performance leading to a drop in sales, pressure on gross profit margins and higher selling expenses.