Chinese sportswear giant LI-NING released their 2017 Full Year Financial Reports on March 22, making it the company’s third financial performance since its founder, Li Ning, returned as CEO.
According to the report, LI-NING generated RMB 8.87 billion in total for the whole year of 2017, which sees a year-on-year increase of 11%. The revenue generated by the core brand of the company, LI-NING, was RMB 8.81 billion, making up 99.4% of the total revenue.
The annual operating profit of the company was RMB 446 million, boosting a 16% increase over the previous financial year. The gross profit rate saw a boost from 46.2% in 2016 to 47.1% in 2017. However, net profit attributed to equity holders saw a drop to RMB 515 million, a decrease of 20%.
In terms of the number of LI-NING stores, the report disclosed that in 2017, the figure was 6,262 by December 31, 2017 but not including LI-NING’s teenager-oriented stores LI-NING YOUNG, resulting in a decrease of 178 stores than the figure at the beginning of 2017.
LI-NING Company Limited, founded in 1990, is a Chinese company which makes athletic shoes and sporting goods. Apart from its core brand LI-NING, the company also acts as the manufacturer or distributor of other sports brands in China, such as LOTTO and AIGLE.
The company’s founder, Li Ning, is a former 3-time Olympic Gold medalist in gymnastics and now entrepreneur.
Proofread by Raymond Fitzpatrick