Li & Fung H1 turnover decreases by 8.4 percent

In its interim results announcement for the six months, Li & Fung Limited, supply chain solutions partner for brands and retailers, said, on a like-for-like basis, turnover decreased 8.4 percent to 5,356 million dollars mainly due to ongoing destocking, customer turnover and customer bankruptcies as brands and retailers continued to face pressure on sales and margins. The company’s core operating profit decreased 18.6 percent to 105 million dollars.