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Li Ning reports H1 FY20 revenue of RMB 6,181 mn
24 Aug 20 2 min read
Li Ning Company Ltd, a Chinese sports brand providing sporting goods, footwear and apparel, reported 1 per cent revenue decline to RMB 6,181 million in its first half (H1) of fiscal 2020 ended on June 30, 2020, compared to revenue of RMB 6,255 million in the same period last year. Net profit attributable to equity holders grew 22 per cent to RMB 683 million.
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“In the first half of 2020, the outbreak of the Covid-19 pandemic brought certain pressure to the market. The innate sports DNA of Li-Ning has empowered us with the faith to conquer challenges and the determination to achieve breakthroughs, the group adjusted its strategy in a timely manner and proactively responded, and its brand resilience continued to increase,” Li Ning, founder and executive chairman of the group, said in a press release.
Revenue of apparel came down to RMB 2,941 million (H1 FY19: RMB 3,060 million). While footwear revenue remained stagnant to RMB 2,925 million (RMB 2,922 million). However, equipment and accessories revenue rose to RMB 315 million (RMB 273 million).
As at 30 June 2020, the total number of Li-Ning POS (excluding Li-Ning Young) in China amounted to 5,973, representing a net decrease of 476 POS since the beginning of this year.
In terms of e-commerce platforms, independent product line Counterlflow received wide attention and the group continued to deploy diversified marketing resources to drive customer traffic to online platform.
“Looking forward, we will continue to achieve steady growth of our results by enhancing our business capability. We will also devote main resources into gaining sports knowledge, placing emphasis on technological research and development as well as pop culture analysis with a view to bringing our business to another new height,” Ning said.
Fibre2Fashion News Desk (JL)
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