Chinese sportswear giant Li-Ning reported a massive 110-per-cent boost in profit for last year on sales up 32 per cent.
Total revenues reached US$127.9M compared with $96.95M in 2018. Net profit attributable to shareholders increased from $6.6M to $13.8M.
CEO and Executive Chairman Li Ning said the result reflected the company’s strategy of creating and enhancing the brand’s “experience value”.
“We have adopted diversified strategies and approaches to consolidate the advantages of online and offline and also made use of digital marketing to further promote our engagement with different consumer groups and hence enhance the image and value of the Li-Ning brand.”
The former Olympian said throughout last year the company steadily improved profitability and operational efficiency. The group improved its gross profit margin by a whole percentage point to 49.1 per cent.