Li-Ning First Half Profit Slips 3%

Net profit for Li-Ning in the first half of this year fell 3.1 per cent from a year ago to 1.402 billion yuan ($293 million) despite a 13 percent increase in revenue to 2.12 billion yuan.

“However, the growth was partly driven by 336 store openings,” Bernstein analyst Melinda Hu pointed out in a note. “At the [same store sales growth] level, revenue declined low single digits year over year, of which direct retail grew [about] 5 percent,…