Li & Fung, the supplier of made-in-Asia goods to the likes of Marks and Spencer and Walmart, has placed a question mark over the prospect of global economic recovery with underwhelming results.
The Hong Kong-based middleman – seen as a bellwether of the wider retail sector – blamed weakness in the US for missing analysts’ forecasts.
It reported turnover that was up 3 per cent on a year earlier to $8.71bn for the six months to June 30, undershooting the $8.73bn forecast by analysts polled by Bloomberg. Operating profit fell back 9 per cent to $227m – also missing analysts’ forecasts. The interim dividend was trimmed from HK$0.15 to HK$0.13.
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