Li Ning Company Limited reported that third-quarter retail sell-through at Li Ning POS locations, excluding Li Ning Young, increased in mid-single-digits on a year-over-year basis.
The offline channel, including retail and wholesale, registered high-single-digit growth, with the retail direct operation channel increasing in the low-20s and the wholesale (franchised distributors) channel increasing in low-single-digits. The e-commerce virtual stores business registered a low-single-digit decline.
As at September 30 2023, the total number of Li Ning POS, excluding Li Ning Young, in China amounted to 6,294 doors, representing a net increase of 127 locations since the end of the previous quarter and a net decrease of one location since the beginning of this year. Among the net decrease of one location, direct retail accounts for a net increase of 57 locations and wholesale accounts for a net decrease of 58 locations.
The total number of Li Ning Young POS locations in China amounted to 1,370 locations at quarter-end, representing a net increase of 89 POS since the end of the previous quarter and a net increase of 62 locations since the beginning of 2023.
Third-quarter retail comp store sales at Li Ning POS locations, excluding Li Ning Young, posted a mid-single-digit decline on a year-over-year basis. In terms of channels, the retail channel registered a mid-single-digit increase and the wholesale channel registered a low-teens decline; while the e-commerce virtual stores business registered a low-single-digit decline on a year-over-year basis.
Photo courtesy Li Ning
