Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million).
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
According to the company, China has brought the Covid-19 pandemic effectively under control in the first half, which enabled the recovery trend of its national economy to continue and further increase the public awareness of fitness and health across China. With enhancement in technological development, design capability and product quality, domestic brands gained awareness and recognition from domestic consumers. Benefiting from these factors, the principle operational indicators of the group significantly improved with a substantial revenue growth and further enhanced profitability.
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
Gross profit during H1 FY21 surged 86.4 per cent to RMB 5,699 million, while EBITDA escalated 124.3 per cent to RMB 3,158 million. Profit attributable to equity holders climbed 187.2 per cent to RMB 1,962 million.
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
“In the first half of 2021, China has solidified its achievement in containing the Covid-19 pandemic and thereby maintained the stable recovery of the economy. The consumption market remained its good momentum of recovery with expanded demand and enhanced market vitality during the first half of the year,” Li Ning, executive chairman and joint CEO of the group, said in a press release.
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
Categorically, footwear and apparel sales rose to RMB 4,594 million (RMB 2,925 million) and RMB 5,062 million (RMB 2,941 million) respectively. Moreover, equipment and accessories sales were RMB 541 million (RMB 315 million).
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
Sales from the company’s wholesale business increased 47 per cent to RMB 4,377 million (RMB 2,985 million), whereas retail business jumped 87 per cent to RMB 2,473 million (RMB 1,321 million).
Li Ning Company Ltd, a China-based sportswear brand, reported strong financial results for first half (H1) ended on June 30, 2021, citing 65 per cent revenue growth to RMB 10,197 million versus RMB 6,181 million last year. Operating profit for the six-month period expanded 182.6 per cent to RMB 2,538 million (H1 FY20: RMB 898 million). #
“We believe Chinese consumers will pay more attention to health and fitness in the post-pandemic era. This will help boost the demand for sports and health consumption. As one of the leading brands in the professional sports sector in China, we will keep closely abreast of the development trend of the industry, seize the new opportunities arising from the surging sports industry after the pandemic, and deliver more diversified and refined products and services to the public,” Li Ning added. “We will continue our down-to-earth manner to actively explore more room for business development, and develop Li-Ning from a Chinese brand to an internationally recognised top-class global, fashionable and professional sports brand.”
Fibre2Fashion News Desk (JL)
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