Retail in Asia

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HK’s Li & Fung, a trade bellwether, posts improving results

Consumer-goods sourcing giant Li & Fung Ltd. on Thursday said 2011 net profit rose 24 percent and sounded an optimistic note about the economic recovery in its key market of the US, signalling a sharp change in fortune for the international trade bellwether.

Just months ago the Hong Kong-listed blue chip – which sources products for US retailers including Wal-Mart Stores Inc., Abercrombie & Fitch Co. and Kohl’s Corp. – reported a 15 percent drop in first-half net profit and forecast prolonged uncertainty in critical markets.

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(Source: The Wall Street Journal Online)