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Li & Fung Ltd Comments On FY, H2 2012 Profit Guidance

Friday, 11 Jan 2013 03:38am EST 

Li & Fung Ltd announced that based on a preliminary review of the management accounts of the Group for fiscal 2012, profit attributable to shareholders for fiscal 2012 is unlikely to exceed 2011. Core operating profit for fiscal 2012 is expected to be lower by approximately 40% due to ongoing restructuring costs and additional provisions associated with LF USA’s business. Except for LF USA, all other parts of the Group’s business have performed as expected. Based on the preliminary review of the ongoing restructuring of LF USA’s business, including the reduction in the number of brands distributed in the USA which negatively impacted the Company’s margin, the Group’s efforts to improve the second half 2012 results will not achieve an improvement in core operating profit, and core operating profit is expected to be lower by approximately 40% (compared to the corresponding period in 2011). According to I/B/E/S Estimates, analysts on an average are expecting the Company to report Net Income of $693.18 million for fiscal 2012.