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《大行》花旗:李寧(02331.HK)第二季零售銷售增長符合預期
花旗發表報告指,李寧(02331.HK)第二季低單位數零售銷售增長符合該行預期。然而,管理層表示,其疲弱的零售銷售趨勢和較去年同期加深的零售折扣持續到7月。儘管李寧於第二季末的庫存健康,而Nike中國於第二季的庫存正常化,李寧管理層仍預測,由於促銷環境尤其是本地品牌,公司2025財政年度的毛利率持續受壓。在未來一季,受惠Nike中國業務持續復甦的滔搏(06110.HK),前景似乎比中國體育品牌更好。 報告指,儘管下半年持續面對壓力與挑戰,李寧管理層指在現階段仍會繼續努力達成全年的財務目標,即銷售平穩增長,淨利潤率達到高單位數。
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