Pressured margins and rising costs resulted in a 3% decline in net income attributable to shareholders to RMB 2,121,231,000 ($302.4 mm) from RMB 2,189,308,000 despite 13% growth in revenues to RMB 14,018,947,000 ($1,998.4 mm) up from RMB 12,408,665,000. Total retail sell-through, including brick-and-mortar and e-commerce, increased low-teens. Li Ning credited the sales gains to consumers getting out shopping again after Zero Covid was lifted at the end of last year, but noted that it would take some time for consumption trends to fully recover to per-pandemic levels.

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