Gelonghui, April 22丨Li Ning (02331.HK) announced the latest operating conditions for the first quarter of 2024. As of the first quarter ending March 31, 2024, Li Ning's sales outlets (excluding Li Ning YOUNG) recorded a low year-on-year increase in retail sales across the entire platform. As far as channels are concerned, offline channels (including retail and wholesale) recorded a decline in the number of units. Among them, retail (direct management) channels recorded an increase in the number of units recorded, wholesale (authorized dealer) channels recorded a decrease in the number of units; and the e-commerce virtual store business recorded a low growth of 20%-30%.
As of March 31, 2024, the total number of Li Ning sales outlets in China (excluding Li Ning YOUNG) was 6,214, a net decrease of 26 so far this year. Of the 26 sales points with a net decrease, there was a net increase of 1 in the retail business and a net decrease of 27 in the wholesale business.
As of March 31, 2024, Li Ning YOUNG had a total of 1,405 sales outlets in China, a net decrease of 23 so far this year.
Based on the calculation of Li Ning sales points that were already in operation at the beginning of the same quarter last year (excluding Li Ning YOUNG), the number of units recorded year-on-year declines in same-store sales across the entire platform as of the first quarter ending March 31, 2024. As far as channels are concerned, retail channels recorded a low number of unit declines, wholesale channels recorded a mid-range decline of 10%-20%, and the e-commerce virtual store business recorded a low growth of 20%-30% year-on-year.