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Article Date: March 2024
Word Count: 354

Li Ning’s Profits Pressured by Higher Costs


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.

 


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