Sports shoes and apparel maker Li Ning yesterday said same-store sales in the third quarter improved slightly, following a dramatic decline in earnings in the first half.
Same-store sales grew by 'a low single-digit' between July and September, from the same period last year. The pace of sales continued into the National Day holiday from October 1 to 7.
Li Ning said it expected overall same-store sales to maintain a 'low single-digit growth' for the full year.
The Beijing-based firm has been struggling of late. Net profit in the first half plunged 50 per cent to 294 million yuan (HK$357 million) as orders from distributors fell for three consecutive quarters.
Li Ning is reorganising its distribution channel to improve operating efficiency by cutting single-store distributors and opening more discount stores.
By the end of last month, the brand's number of outlet stores and discount stores reached 218 and 285 respectively. It also said it had completed consolidating 300 single-store distributors.