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Sportswear firms report disappointing earnings

By Zhao Qian (Global Times)

13:21, August 24, 2012

Several major domestic sportswear companies have reported disappointing earnings for the first half of the year, and analysts said Thursday the firms have come to the end of a 10-year phase of rapid development and now need to improve their business model and brand positioning.

Li Ning Co, the country's leading sportswear retailer, posted an 85 percent slide in first-half net profit late Wednesday.

The company's profit margin for the second half of the year is expected to be similar to the first six months but it is also possible that the firm may post a loss for 2012, Li Ning's chief financial officer Chong Yik Kay was quoted by Reuters as saying Thursday.

Four other major sportswear brands - China Dongxiang Group, ANTA Sports, Peak Sports, and 361 Sports - all reported double-digit declines in net profit for the first half, with Dongxiang recording the largest fall of 58 percent. The companies also reported poor sales volumes.

"The profit decline is within expectations," Wang Qianjin, an analyst at textile industry information website corp.webtextiles.com, told the Global Times.

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