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Li Ning sees huge loss for full year – Retail in Asia

Retail in Asia

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Li Ning sees huge loss for full year

Chinese sportswear group Li Ning Co projected a "substantial" full-year loss as the firm seeks to spend CNY1.4 billion (USD224 million) to CNY1.8 billion to lift sales.

Shares of the company fell 3.89 percent to HKD4.70 (USD0.61) in Hong Kong trading on Tuesday. They declined as much as 5.5 percent in morning trading.

Li Ning said in a filing to the Hong Kong stock exchange that it plans to cut excess inventory levels and improve its sales network under its latest move to revive the firm after it announced in July the departure of chief executive Zhang Zhiyong so that a new management team could be introduced.