Li Ning’s interim profit dips 11% amid tough competition in mainland’s sportswear market
Chinese sportswear and equipment maker Li Ning posted a drop in interim profit, as weak consumer sentiment weighed on spending and intensifying industry competition squeezed profitability, with management warning of “stronger-than-expected” challenges in the second half. Net profit for the six months to June fell 11 per cent to 1.74 billion yuan US$241.9 million from…