Li Ning‘s attributable net profit declined despite higher revenue in the first half, amid lower sell-through for the overall business including online and offline channels.

The sports goods retailer’s attributable net profit fell 8 per cent to 1.95 billion yuan (US$271.9 million) on revenue up 2.3 per cent to 14.3 billion yuan ($1.993 billion).

Footwear revenue jumped 4.4 per cent to 7.84 billion yuan while apparel revenue slid 4.7 per cent to 5.38 billion yuan. Equipment and accessories revenue surged 30.3 per cent to 1.13 billion yuan.

On January 28, Li Ning completed the acquisition of Vansittart Investment, a company primarily engaged in property investment, for HK$2.22 billion (US$284.8 million). 

Moving forward, Li Ning will focus on the development of the running, basketball, fitness, badminton, and sports casual apparel categories.