Sportswear Brand Li Ning Reveals Financial Results From '13, Including Revenue Of $941M
Chinese sportswear brand Li Ning announced its financial results for the year ended Dec. 31. Revenue amounted to $941M, representing a year-on-year decrease of 12.8%, mainly due to the resizing of the retail network, inventory clearance and sell-in related to the Channel Revival Plan. Gross profit was $419M, for a year-on-year increase of 3.2%. Li Ning reduced its debt by $160M. The brand made progress in differentiating, focusing on the five fastest-growing core sports -- basketball, running, badminton, training and sports life. Li Ning also increased its number of direct stores (Li Ning).