Tristate published its annual results announcement for FY 2025, reporting revenue of HKD 3.63 billion, down 13%. Profit attributable to equity shareholders was HKD 125.08 million, down 20%, and basic earnings per share were HKD 0.46. Gross profit was HKD 1.43 billion, down 17%, and gross margin was 39.4%, down 1.6 percentage points. The brands business generated revenue of HKD 1.86 billion, down 8%, with management citing weaker retail conditions in China and declines in Nautica, Spyder and Reebok. Tristate said it recorded a one-off non-cash gain of HKD 123.2 million from the derecognition of the Reebok licence right and related licence fees payable following early termination of the licence agreement.

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