(Yicai Global) March 23 -- Shares of Anta Sports, which owns brands such as Arc'teryx and Salomon, pared some of their earlier gains after the manufacturer revealed 2021 revenue that exceeded that of Adidas in China. 

Anta's stock price [HKG: 2020] was 2 percent down at HKD103.30 (USD13.20) as of noon after closing 4.9 percent higher yesterday. The shares are almost 10 percent down this year.

Revenue soared 39 percent to CNY49.3 billion (USD774 million) last year from a year ago, the Fujian province-based owner of Kingkow, Suunto, and Peak Performance said in its earnings report yesterday. The sum is more than 40 percent higher than that of Adidas in China or equivalent to 97 percent of that of Nike in China.

Gains rose even quicker. Net profit increased by 50 percent to CNY7.7 billion (USD1.2 billion) over the year. The reason is that the Chinese economy showed great resilience with a steady gross domestic product increase due to the country's strict control of the Covid-19 pandemic, said Anta. Moreover, the firm had completed its latest transition in mid-2021. The goal of that is selling more directly to customers while improving the metrics to gauge each store's performance to swiftly respond to consumers' changing needs.

Efficiency is key so the retailer intends to cut the number of outlets. The figure should range between 9,200 and 9,300 this year. As of Dec. 31, 2021, the company operated more than 9,400 stores, including Anta Kids outlets, in China and abroad. 

Moreover, the number of Fila stores will be reduced. The number should fall to 2,000 or 1,900 this year while it was more than 2,050 earlier. Anta has the license to run the Italian brand in China. 

Editor: Emmi Laine, Xiao Yi