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Sportswear maker Exceed's profit up 3.1% in Q1

Jun. 6, 2012 (China Knowledge) - Exceed Co Ltd<EDS>, which designs, develops and wholesales footwear, apparel and accessories under the Xidelong brand name, has posted RMB 128 million or US$20.3 million-net profit for the first quarter of this year, reflecting a YoY increase of 3.1% from RMB 124.2 million.

In the reporting period, the Nasdaq-listed firm's revenue increased by 19% YoY from RMB 751.4 million to RMB 894.6 million, primarily driven by the increased product demand and the continuous expansion of the Xidelong retail network.

Of the total revenue, 48.3% or RMB 431.5 million was derived from footwear sales, while 50.7% or RMB 453.9 million from sports apparel business. The remaining RMB 9.1 million was contributed by sales of accessories.

Gross profit increased by 11.7% YoY from RMB 232.6 million to RMB 259.8 million in the first quarter 2012, with gross margin 29%.

Exceed had 1.05 billion in cash and deposits as of Mar. 31, 2012, whereas it had RMB 964.3 million at the end of last year.

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