Weak demand from the US and Europe has weighed on 2014 profits at Li & Fung, the supplier of made-in-Asia goods to western retailers such as Target, Marks and Spencer and Walmart.
The Hong Kong-based sourcing company, seen as a bellwether of the sector, reported net income of $539m in 2014, down 12 per cent year-on-year but beating analysts’ consensus estimates of $498.5m.
Revenues for the 12 months to December 31 rose 1.4 per cent year-on-year to $19.3bn, undershooting analysts’ estimates of $19.5bn.
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