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Li Ning posts losses for the third consecutive year

Mar 23, 2015 China
Li Ning posts losses for the third consecutive year
China-based sports brand posted a loss for a third year in a row as it invests in a restructuring plan, and said it has appointed the executive chairman Li Ning as its interim chief executive
Li Ning, backed by US-based private equity firm TPG Capital and Singapore sovereign fund GIC, posted a net loss of 781.5 million renminbi (125 million US dollars) for 2014, compared with a 391.5 million renminbi loss (63 million US dollars loss)  a year earlier, worsening its position in almost 100%.

Li Ning also announced full-year revenue up by 16%, reaching 6.73 billion renminbi (1.1 billion US dollars), while its gross profit margin reached 44.6%, compared with 44.5% in 2013.

The company, which recently teamed up with the Chinese smartphone maker Xiaomi to produce a new generation of “smart” running shoes, operated 5 626 retail stores in China as of the end of December, which represents a reduction of 289 stores compared to previous year.

Note: 1 US dollar = 6.2585 Chinese yuan renminbi (13th March 2015) - Source: FED

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