Li Ning’s income crashes in radical cleanup

2012-08-30T00:00:00

Li Ning's net profit plummeted by nearly 85 percent to 44.3 million yuan renminbi (€5.6m-$7.0m) for the first half of this year, as the Chinese sports brand tackled its inventory and sell-through issues by closing down about 1,200 of its franchised stores.

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