20 September 2019

Li Ning 2013 net loss shrinks 80% to 392 mln yuan, filing says

Li Ning Co. Ltd. (02331.HK), China’s biggest sportswear company by revenue, said in a regulatory filing Monday that it posted a net loss of 392 million yuan (US$63.26 million) for 2013, 80 percent less than its 1.98 billion yuan loss in 2012. Revenue in the period was down 12.8 percent year on year to 5.82 billion yuan, with Li Ning brand sales falling 14.2 percent and DHS brand sales up 13.1 percent, according to the filing. Founder Li Ning said the sporting goods industry is not yet recovering because many stores are still selling products at a discount even though demand is rising, National Business Daily reported.

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