Li Ning First-Half Profit Fell, Weighed by Higher Expenses, Lower Retail Sales
By Amanda Lee
Li Ning's net profit fell in the first half of the year, weighed by higher administrative expenses and lower retail sales.
Net profit fell 8.0% compared to the same period a year earlier to 1.95 billion Chinese yuan ($272.1 million), the Chinese sportswear brand said Friday.
Revenue increased 2.3% to CNY14.345 billion.
Administrative expenses climbed 15% to CNY680.3 million, while cost of sales fell 1.0% to CNY7.1 billion.
For the second quarter, the company's retail sales, excluding the children's sports market Li Ning Young, posted a "low-single-digit" decline compared with the same period a year ago.
The company declared an interim dividend of CNY37.75 cents per share.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
August 15, 2024 20:45 ET (00:45 GMT)
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