Date
27 May 2017
Li Ning says the company named after him will continue to press ahead with its transformation. Photo: HKEJ
Li Ning says the company named after him will continue to press ahead with its transformation. Photo: HKEJ

Li Ning pushing ahead with business turnaround

Li Ning Co. Ltd. (02331.HK) will continue to press ahead with its transformation, which has succeeded in turning around its financials, the Hong Kong Economic Journal reported Friday, citing the firm’s chairman, Li Ning.

Chief financial officer Terence Tsang said the sportswear retailer aims to achieve mid-single-digit percentage growth this year in same-store sales, which have improved over the last two months.

The company will cautiously expand its network and seek to have half its total income contributed by direct sales within two to three years.

It is expected to open 300-500 self-managed stores this year.

The network expanded to a total of 6,133 sales outlets with a net addition of 507 outlets last year.

The company made a net profit last year, the first time in four years, of 14.39 million yuan (US$2.22 million).

It was a big turnaround from the net loss of 781 million yuan in 2014.

[Chinese version中文版]

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