Chinese sportswear company Li Ning reports loss

Li Ning (2331.HKG), a major Chinese manufacturer of athletic gear, reported a deeper-than-expected loss of US$318.8 million (RMB1.98 billion) for 2012, Reuters reported. A Reuters roundup of analyst estimates put the sportswear manufacturer’s loss at US$175.5 million. The loss, a first for the company since its listing in 2004, is in contrast to a profit of US$62.1 million that it reported in 2011. Li Ning said that its gross profit margin was 37.8% in 2012, down from 45.3% in 2011. The company closed 1,821 of its Chinese retail outlets in 2012, leaving it with 6,434 stores in the country.