Chinese athletic brand Li Ning reports jump in profit for 2021, says Covid-19 outbreaks were limiting growth


Source: scmp.com scmp.com

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Li Ning , one of China’s largest athletic brands named after the triple-gold Olympic gymnast, said on Friday that the country’s recent Covid-19 outbreaks were adversely affecting sales. Sales growth had narrowed from 35 to 40 per cent earlier in the first quarter to 15-20 per cent this week, Terence Tsang Wah-fung, the company’s chief financial officer, said during a results briefing. Revenue growth and profit margin for 2022 were expected to be 15 to 25 per cent and 15 to 20 per cent, respectively, he added. “Since the beginning of this month, some repeated pandemic outbreaks in various regions...