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Li-Ning Signs On As Heat Official Partner; Facing Substantial Net Loss In '13
Published December 18, 2012
AT A LOSS: Meanwhile, the WALL STREET JOURNAL’s Laurie Burkitt cites Li-Ning execs as saying that the company will “record a substantial net loss for the year,” as it attempts a “major turnaround of the struggling Chinese sportswear company.” Li-Ning CEO Jin-Goon Kim said that losses have been “caused primarily from the reset of trade credits, not by company operations.” Li-Ning is “in the midst of a three-year overhaul, aiming to win a bigger slice of sports-apparel sales on its home turf and to improve profitability.” It ordered “excess apparel years ago in anticipation of sportswear shopping sprees by Chinese consumers following the 2008 Beijing Olympics,” and the company has been “struggling since then to clear its shelves" (WALL STREET JOURNAL, 12/18). Analysts "expect Li-Ning to report a net loss" of $19.4M this year (BLOOMBERG NEWS, 12/16).