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Li & Fung Sees Profits Plunge Due to Challenges, Digitalization Effort

3 monthes ago   |   By

HONG KONG - Li & Fung Limited reported profits of continuing operations in the year to Dec. 31 plunged 26.9 percent to $171 million from $234 million, with core operating profit decreasing 20 percent to $285 million, largely due to challenges in its Supply Chain Solutions business and investment in digitalization.
Adjusted profit attributable to shareholders fell 15.9 percent, to $117 million from $139 million in 2017. Revenues declined 6.2 percent to $12.7 billion from $13.53 billion.
At a press conference here Thursday, group chief executive officer Spencer Fung said that, “2018 was a...
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Li & Fung Sees Profits Plunge Due to Challenges, Digitalization Effort

3 monthes ago   |   By

HONG KONG - Li & Fung Limited reported profits of continuing operations in the year to Dec. 31 plunged 26.9 percent to $171 million from $234 million, with core operating profit decreasing 20 percent to $285 million, largely due to challenges in its Supply Chain Solutions business and investment in digitalization.
Adjusted profit attributable to shareholders fell 15.9 percent, to $117 million from $139 million in 2017. Revenues declined 6.2 percent to $12.7 billion from $13.53 billion.
At a press conference here Thursday, group chief executive officer Spencer Fung said that, “2018 was a...
Read more ...

 

Record store closures hit Li & Fung profits

Record store closures hit Li & Fung profits

3 monthes ago   |   By

Sourcing giant Li & Fung has reported a 20% decrease in core operating profit to $285m for the year to 31 December 2018.
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