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Hong Kong apparel sourcing and logistics firm Li & Fung is warning 2017 is likely to be another “extremely tough year” for the retail sector and its logistics service providers.
LI & Fung yesterday reported a 11% decline in turnover in 2016, with sales dropping to US$17.6bn from $18.8bn in 2015.
Its core operating profit – the metric by which it measures group profitability – declined by 19.6% from $512m to $412m.
And CEO Spencer Fung suggested there could be worse to come this ...
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