Li & Fung says the worst is behind it after first-half profits dropped 70 per cent, although its full-year outlook is clouded by poor visibility on shipments in the US and the slowdown in China, where it has been building up its distribution business, writes Paul J Davies.

利丰(Li & Fung)表示，上半年利润下跌70%之后，其已告别最糟糕时刻，尽管其全年业务前景仍有不确定性，主要是有关美国出货量和中国经济放缓的前景不明。该公司正在中国构建配送业务。

The supplier to Walmart and Target stores has been battling to turn round its US distribution business after it identified a series of problems late last year that led it to replace senior management, discontinue businesses and focus on cutting costs.

沃尔玛(Walmart)和塔吉特(Target)等连锁店的这家供应商近期忙于整顿其美国配送业务。利丰在去年末确定该部门存在一系列问题，导致其改组高级管理层，停运一部分企业，并聚焦于削减成本。

The company’s profits attributable to shareholders after tax were down to $96m in the first half, versus $312m in the same period last year. This result was far behind the $150m consensus of expectations among analysts, according to a Reuters poll.

今年上半年，该公司可归属股东的税后利润降至9600万美元，而去年同期为3.12亿美元。这一业绩远逊于路透(Reuters)对分析师调查所得出的1.50亿美元的共识预测。

Shares in Li & Fung, which is part of the wider Fung Group, encompassing brands including former military tie-maker Kent & Curwen, have plummeted this year since it issued a profit warning in January. The shares rose 14 cents yesterday to HK$10.54 before the results were released, but they are still down 27.5 per cent since the start of the year.

自今年1月发布利润预警以来，利丰股价大幅下跌。昨日该股在业绩发布之前上涨14分，至每股10.54港元，但今年迄今累计下跌27.5%。利丰是冯氏集团(Fung Group)成员，后者旗下品牌包括前军服领带厂商Kent & Curwen。

“Following a disappointing year in 2012, we believe the worst is behind us,” the company said. Ahead of its results, Li & Fung said first-half earnings would make up 20-25 per cent of its full-year results, but its uncertain outlook for the final quarter, particularly in the US, was likely to cast some doubt on that.

“经过令人失望的2012年之后，我们相信最糟糕的时候已经过去，”该公司表示。发布业绩之前，利丰表示，上半年利润将占到全年业绩的20%至25%，但最后一个季度的不确定前景（尤其是在美国）很可能令人对此产生怀疑。

“Can they deliver three to four times the earnings of the first half in the rest of the year? They say themselves US shipments in the fourth quarter are uncertain,” one analyst said.

“他们能够在今年剩余时间实现3至4倍于上半年的利润吗？他们自己在说，第四季度美国的出货量是不确定的，”一名分析师表示。

The US is important to Li & Fung’s business, representing 61 per cent of group turnover. It said US retailers had adopted a more cautious approach to winter sales this year, making visibility of fourth-quarter shipments in its US business uncertain.

美国对利丰的业务相当重要，代表着该集团营业额的61%。利丰称，美国零售商对今年冬季的销售采取了比较审慎的态度，使其美国业务第四季度出货量的能见度不确定。

Asia has been increasing in importance versus Europe – the region represented 14 per cent of its revenues in the first half, up from 9 per cent last year. Part of this was down to its growing business of distribution to Chinese retailers. However, the China slowdown is causing some concern.

相对于欧洲，亚洲的重要性近年不断上升。上半年，亚洲占利丰营收的14%，高于去年的9%。这在一定程度上归因于利丰面向中国零售商的配送业务不断增长。不过，中国的放缓正在引发一些担忧。

“While we continue to build out our Asia wholesale and distribution platform?.?.?.? we are taking a more cautious approach in our expansion plan given the recent slowdown in China,” it said.

“在我们继续打造亚洲批发及配送平台的同时……鉴于近期中国出现放缓，我们正对自己的扩张计划采取更为审慎的方式，”利丰表示。