By Yongchang Chin
Anta Sports Products Ltd. posted a stronger annual net profit amid higher contributions from its e-commerce business, the company said Tuesday.
Net profit for 2021 was 7.72 billion yuan ($1.21 billion), compared with CNY5.16 billion the previous year.
Revenue rose to CNY49.33 billion from CNY35.51 billion.
E-commerce revenue contributed 29% of the company's overall revenue, compared with a 26% contribution in 2020, Anta said, adding that e-commerce revenue rose 50% in absolute terms despite a high base.
"Consumer behaviors have changed as a result of the pandemic, and customers have grown accustomed to shopping on online platforms, making e-commerce the primary arena for consumer products," the company said.
Anta added that national policies from Beijing were broadly supportive of industry growth, pointing to the country's sports-development plan as well as China having hosted the Olympic Games.
Write to Yongchang Chin at firstname.lastname@example.org
(END) Dow Jones Newswires
March 22, 2022 00:52 ET (04:52 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.