Finance Notes: Li Ning Reports 66.8% Increase In First-Half Net Profit
Chinese sporting goods retailer Li Ning beat analysts' forecasts with a 66.8% "surge" in its first-half net profit by "shrinking its number of loss-making outlets." It "aims to close more than 200 stores by the end of the year." Net income rose to 189.2M yuan ($28.4M) in the first six months, helped by an 11% increase in sales to 4B yuan ($600M). The Beijing-based company did not declare an interim dividend. The interim net profit beat analysts' forecasts by 13% (SOUTH CHINA MORNING POST, 8/11).
The former Fitness First chain is "continuing its global selling spree as it looks to return cash to its shareholders." Moray Group, the holding company overseeing a "wind-down of much of the business," paid back £54M ($70M) of debts to its Luxembourg parent. Former JJB Sports Owner Dave Whelan "snapped up the British arm of the business last October" for £70.6M (SUNDAY TIMES, 8/13).