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Li & Fung flags 40 pct lower 2012 profit as restructuring costs hit
January 11, 2013 / 9:01 AM / 5 years ago

Li & Fung flags 40 pct lower 2012 profit as restructuring costs hit

HONG KONG, Jan 11 (Reuters) - Consumer goods exporter Li & Fung Ltd warned on Friday it expected profit for the full year 2012 to fall 40 percent, hit by ongoing restructuring costs and an additional provision tied to its U.S. unit’s business.

The global supply chain manager, whose clients include Wal-Mart Stores Inc and Target Corp, said that except for its unit LF USA, all other parts of the group’s business had performed as expected.

For statement here

Reporting by Donny Kwok; Editing by Anne Marie Roantree

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