Li Ning Company Ltd, a China-based sportswear brand, has reported revenue of renminbi (RMB) 14,019 million (approximately $1,931.02 million) in the first half of fiscal 2023 (H1 FY23), ending June 30, 2023, marking an increase of 13 per cent compared to RMB 12,409 million in H1 FY22. Gross profit saw an uplift of 10.3 per cent, reaching RMB 6,839 million compared to RMB 6,201 million in the same period in 2022.

However, the overall gross profit margin slightly decreased, standing at 48.8 per cent, down 1.2 percentage points from 50 per cent in the first half of FY22, the company said in a media release.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) were reported at RMB 3,425 million, a marginal increase of 0.1 percentage points compared to RMB 3,421 million in H1 FY22.

Basic earnings per share also saw a slight dip, at RMB 80.63 cents, compared to RMB 83.77 cents in the first half of FY22.

"In the first half of 2023, the domestic market environment saw overall recovery accompanied by challenges. Looking forward into the second half of 2023, with the weakening downside momentum of the global economy and the falling inflation of major economies, the global service sector will see a steady recovery. However, the revival of the manufacturing and commodity trading sectors still face hardship. The overall Chinese economy will continue to recover with sustained moderate recovery of the consumption market, hence achieving both the goal of boosting consumer confidence and promoting consumption. The group remains optimistic about the market outlook for sports products consumption,” said Li Ning, executive chairman and joint CEO of the group.

Fibre2Fashion News Desk (DP)

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