Li Ning shines on fashion demand

Business | Stella Zhai 15 Aug 2019

Li Ning, founder and executive chairman of mainland sportswear brand Li Ning (2331), yesterday said he plans to open 100 shops in the second half of the year to cater to increasing demand for fashion sportswear.

He also expressed confidence in mainland market for the next few years.

Interim profit surged by 1.09 times year-on-year to 561 million yuan (HK$626 million), 10 percent higher than company expectations. No interim dividend was declared. Reported net profit which includes one-off profit and loss not related to operations, grew 1.96 times from a year ago to 795 million yuan.

Revenue for the six months ended June 30 rose by 32.7 percent to 6.26 billion yuan compared with the same period of last year, with same-store sales growth of between 10 percent and 20 percent. Gross profit margin meanwhile improved from 48.7 percent to 49.7 percent.

Shares of Li Ning surged 7.35 percent to HK$19.86 yesterday.

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