Li-Ning reported mid-single-digit retail sales declines for the third quarter of 2025, with brick-and-mortar sales down high single digits and owned retail slipping mid-singles. Wholesale sell-through also dropped by high single digits, while e-commerce sales rose in high single digits, softening the overall impact.
The slowdown in Li-Ning’s performance reflects ongoing challenges in China’s domestic retail environment, where consumer sentiment remains cautious. The company reported that retail sales for Q3 2025 decreased by mid-single digits year-over-year, primarily due to weaker traffic in physical stores.
Brick-and-mortar channels were down in the high single digits, while owned retail stores declined by mid-single digits. Wholesale sell-through also fell high single digits, indicating subdued restocking activity among franchise partners.
Strong e-commerce performance for Li-Ning
In contrast, e-commerce continued to perform strongly, with high single-digit growth, reflecting robust demand through digital platforms. The figures exclude sales from Li-Ning Young, the brand’s youth-focused retail format.
At the end of the quarter, Li-Ning operated 6,132 points of sale for its core brand, an increase of 33 stores, while the Li-Ning Young network expanded by 45 stores to 1,480 locations.
The latest results suggest that while Li-Ning maintains controlled retail expansion, growth momentum remains uneven across channels, with online demand providing the main support.
