Li Ning Company Limited reported retail sell-through at Li-Ning stores for the first quarter that ended March 31, excluding Li-Ning Young, increased in the mid-single-digits on a year-over-year basis. The brick-and-mortar channel, including retail and wholesale, registered high-single-digit growth, with owned stores increasing in the mid-teens and franchise distributors increasing in mid-single-digits. The e-commerce business reported a low-teens decline.
The company had 6,206 Li-Ning stores in China at quarter-end, representing a net decrease of 89 stores since the beginning of the year.
Among the net decrease of 89 doors, owned-retail accounts for a net increase of 20 doors, while franchise stores accounted for a net decrease of 109 doors. As at March 31, the total number of Li-Ning Young stores in China was 1,253 doors, representing a net decrease of 55 doors since the beginning of 2023.
Li-Ning stores posted a comparable store sales decline in the high-single-digits compared to the year-ago quarter. The owned-retail channel registered a low-single-digit decline, the franchise channel registered a low-single-digit decline,\ and the e-commerce business reported a low-twenties decline year-over-year.
