Global supplier Li & Fung H1 profit falls 69 pct, lags forecast
HONG KONG Aug 13 (Reuters) - Global sourcing firm Li & Fung Ltd, whose distribution centres make it a useful barometer of consumer sentiment, reported a 69 percent drop in six-month net profit due to sluggish demand in the United States and Europe.
The Hong Kong-based group, which supplies retailers such as Kohl's Corp and Wal-Mart Stores Inc with clothing, toys and other goods, posted net profit of $96 million for January-June.
That was below an average forecast of $150 million in profit from four analysts surveyed by Thomson Reuters.
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