361 Degrees (01361) said same store sales growth for the first three months of 2014 was 1.8%, as compared to a 1.5% decline in the same period last year, driven mostly by higher volumes in both footwear and apparel.
The retail inventory at the end of March remained relatively healthy, at 4.2 times the average monthly sales for this period (2013: 4.3 times). The average discount off the tagged recommended selling price for this period was about 30%.
In the same quarter, 411 stores were closed, and 159 new outlets opened, leading to a net decrease of 252 and bringing the franchised network to 7,047, with an average store size of 101 square metres.
During the 2014 Winter Trade Fair held in April, the order book for the 361 Sports brand clocked an 8% increase in value, over that of the same fair in 2013. In the case of 361 Kids, the order book showed a 3% increase over that of the same fair last year, driven in the main by volume. The Board believes that the momentum achieved in the first quarter of 2014 should be sustainable for the rest of the year and is cautiously optimistic of a profitable year.