Company chairman Li Ning had nothing to say about rumors he planned on taking the company he founded private, but pledged to improve profitability after reporting a 22% drop in net income attributable to shareholders of RMB 3,186,910,000 ($449.9 mm) last year, down from RMB 4,063,834,000. Revenues increased 7% to RMB 27,598,491,000 ($3,895.9 mm) from RMB 25,803,383,000, benefitting from the lifting of Zero-Covid and increased traffic.

The majority of Li Ning’s growth came from its directly operated store fleet, where revenue jumped 30%. The core banner grew by 68 net stores last ... Log in to view full article.