Li & Fung Ltd.
HK's Li & Fung, a trade bellwether, posts improving results
Consumer-goods sourcing giant Li & Fung Ltd. on Thursday said 2011 net profit rose 24 percent and sounded an optimistic note about the economic recovery in its key market of the US, signalling a sharp change in fortune for the international trade bellwether.
Just months ago the Hong Kong-listed blue chip – which sources products for US retailers including Wal-Mart Stores Inc., Abercrombie & Fitch Co. and Kohl's Corp. – reported a 15 percent drop in first-half net profit and forecast prolonged uncertainty in critical markets.
Li & Fung shares hit 8-month high, fuelling hopes for accelerating expansion
Shares of Li & Fung Ltd rose 4.4 percent on Friday to the highest in eight months after the Hong Kong consumer goods exporter announced the first acquisition by its regional distribution arm LF Asia, fuelling hopes for accelerating expansion.
Li & Fung announced before the Lunar New Year holiday a week ago that it had acquired the children's apparel and toys operations in greater China of Roly Group in September last year for USD41 million, LF Asia's first acquisition since the expansion of Li & Fung's distribution business to Asia last year.
HK's Li & Fung shuffles top ranks
Hong Kong supply-chain manager Li & Fung Ltd on Wednesday named Bruce Rockowitz group president and CEO as part of a reshuffling of top management, which it said was part of a long-term strategy.
The company, which sources products for US retailers such as Wal-Mart Stores Inc., Abercrombie & Fitch Co. and Kohl's Corp., also named group managing director William Fung executive deputy chairman and said his older brother, Victor Fung, would resign as group chairman by the next annual general meeting in 2012, at which time William Fung would assume the chairmanship.
HK's Li & Fung seeks to boost operating profit
Hong Kong’s Li & Fung Ltd, which sources products for US retailers such as Wal-Mart Stores Inc., Abercrombie & Fitch Co. and Kohl's Corp., said on Thursday it hopes to more than double its core operating profit by 2013 and declared the past 30 years' "low-supply-cost era" over.
The company said it aims to boost core operating profit to USD1.5 billion by 2013 compared to the HKD5.66b (USD726.1 million) it made in 2010 as part of a three-year plan for 2011-2013. Li & Fung sets successive three-year plans to guide its expansion and growth strategy.
Li & Fung profit falls short, but keeps revenue target
Hong Kong-based multinational Li & Fung Limited, the global consumer goods exporter, today announced record profits for 2009, which was driven by its discipline in cost control amidst a soft consumer market. For the year ended 31 December 2009, the Group’s turnover was HKD104,479 million (USD13,395 million), 6% lower than the year before, reflecting sluggish markets, a number of customer insolvencies and the current tactic of many other customers to maintain tight inventory levels.
