By  on March 24, 2014

BEIJING — Li Ning, China's homegrown sportswear giant, said Monday it narrowed its full–year losses and saw lower sales amid a restructuring overhaul to streamline its retail business.

The company posted a loss of 392 million renminbi, or $63.27 million at average exchange rates, compared with a loss of 1.98 billion renminbi, or $313.24 million, a year ago. Sales for the 12 months ended Dec. 31 declined 12.8 percent to 5.8 billion renminbi, or $936.12 million, as the company closed hundreds of stores and reduced inventory nationwide. All dollar figures are based on average exchange rates for the time periods to which they refer.

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