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HONG KONG — Li & Fung Ltd., the Hong Kong-based sourcing and distribution giant, reported 2012 net income fell by 9.4 percent to $617 million, mainly because of greater-than-expected costs related to the restructuring of the company’s LF USA business.
This story first appeared in the March 22, 2013 issue of WWD. Subscribe Today.
The company also warned that it wouldn’t make its three-year plan. In 2010, the company had targeted $1.5 billion in operating profit in 2013.
Bruce Rockowitz, Li & Fung’s chief executive officer, told reporters in Hong Kong that the target now would be to “get back to 2011 levels.”
Revenues for 2012 rose 1 percent to $20.22 billion. The results were in line with Li & Fung’s warning in mid-January that core operating profit had declined by 42 percent.
In other news at Li & Fung Ltd., Margaret Leung Ko May Yee has been named an independent non-executive director and a member of the audit committee of the company, effective April 1. Leung, 60, had been vice chairman and chief executive of Hang Seng Bank Limited, and chairman of Hang Seng Bank (China) Limited. She has been appointed to a three year term.