52
Fashion Jobs
ZALANDO
Head of Engineering - Emerging Propositions
Permanent · HELSINKI
ESTÉE LAUDER COMPANIES
Beauty Advisor - Sokos Helsinki (Fulltime Temporary)
Fixed-term · HELSINKI
ESTÉE LAUDER COMPANIES
Full Time Beauty Advisor - Vantaa Airport, Helsinki
Permanent · HELSINKI
ESTÉE LAUDER COMPANIES
Estee Lauder Companies - Multi Counter Manager - Stockmann, Turku
Permanent · TURKU
MUJI
Avoin Hakemus - Myymälä
Permanent · HELSINKI
MUJI
Avoin Hakemus - Ravintola
Permanent · HELSINKI
JACK & JONES
Myyjä Jack & Jones Helsinki Outlet
Permanent · HELSINKI
MANGO
Sales Assistant
Fixed-term · VANTAA
RITUALS
Sales Advisor (Summerextra) - Tampere - Ratina Shopping Center
Permanent · TAMPERE
RITUALS
Sales Advisor (Summerextra) - Vantaa - Jumbo
Permanent · VANTAA
JACK & JONES
Kesätöihin Myyjäksi Vero Moda / Jack & Jones Porvoo
Permanent · PORVOO
NEW YORKER
Haemme Extra- Myyjiä New Yorkerin Myymälään Mikkeliin
Permanent · MIKKELI
NEW YORKER
Haemme Extra- Myyjiä New Yorkerin Myymälään Ouluun
Permanent · OULU
NEW YORKER
Haemme Extra- Myyjiä New Yorkerin Myymälään Vaasaan
Permanent · VAASA
MONKI
Sales Advisor, 10h (Summer Help Temporary)
Fixed-term · VANTAA
VERO MODA
Myyjä Vero Moda Seinäjoki Idepark
Permanent · SEINÄJOKI
ESTÉE LAUDER COMPANIES
MAC Make-up Artist (20h/Week) - Sokos Tampere
Permanent · TAMPERE
ESTÉE LAUDER COMPANIES
Beauty Advisor (30h/Week) - Stockmann Helsinki
Permanent · HELSINKI
MASSIMO DUTTI
Sales Assistant Massimo Dutti, Helsinki
Permanent · HELSINKI
H&M
Sales Advisor, 15h - Kesätyö
Permanent · SEINÄJOKI
H&M
Sales Advisor, 10h - Kesätyö
Permanent · KOTKA
H&M
Sales Advisor, 10-20h - Kesätyö
Permanent · PORVOO
By
Reuters
Published
Mar 23, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

HK's Li & Fung 2017 profit from continuing operations up, logistics grows

By
Reuters
Published
Mar 23, 2018

Hong Kong’s Li & Fung Ltd , which supplies clothing and other products to retailers worldwide, said on Thursday its 2017 profit from continuing operations rose 6.5 percent amid growth in its supply chain solutions and logistics businesses.


Li & Fung



Li & Fung, which made its name by making clothing and toys for Western retailers, said profit from continuing operations rose to $170 million, from a restated $160 million in 2016.

The company also said it recorded $375 million net loss for 2017, versus a $221 million profit in 2016, due to a one-time non-cash loss for discontinued operations.

The accounting losses have no impact on the company’s future cash flow, or operational and financial performance, it added.

In December, Li & Fung said it would divest its struggling furniture, beauty and sweater businesses for $1.1 billion, streamlining its operations while providing it with financial firepower to build its digital supply chain and logistics businesses.

It said the deal would lead to a $610 million loss because of related writedowns, but it would also provide the company with financial firepower as it implements its strategic plan.

“Our strategy to further simplify the business and focus on our core supply chain solutions business is in turn helping our customers to revamp their business model and counter disruptions in other markets,” said group chairman William Fung in a statement.

“We are on track to deliver a fully integrated digital platform that connects our suppliers and customers with end-to-end visibility to enhance decision making,” Fung added.

The company, battling a difficult economic climate as well as competition from online rivals, saw reported revenue fall 8.3 percent from a year earlier to $13.53 billion as brand and retail customers continued destocking.

Core operating profit grew 11.8 percent to $356 million.

Li & Fung had said it aimed to achieve low double-digit growth in revenue and core operating profit by 2019.

“Our new Three-Year Plan had a strong start in its first year and we are on track to meet our financial targets and strategic goals,” Chief Executive Officer Spencer Fung said.

Li & Fung has refocused on its core supply chain business following the sale of its money-losing brand-licensing and distribution business in 2014, which helped to increase its cash flow and control operating costs.

The company’s shares closed 1.4 percent higher ahead of the earnings announcement, beating a 1.1 percent fall in the benchmark Hang Seng Index.

($1 = 7.8461 Hong Kong dollars)

© Thomson Reuters 2024 All rights reserved.