On October 25, Li Ning released the third quarter of the operating data report as of September 30, (excluding Li Ning YOUNG, the same below) omni-channel terminal turnover increased by 40%-50% in the low section, exceeding market expectations. Among them, offline channels increased by 30%-40% in the high section, of which direct stores recorded 30%-40% growth in the middle section, and wholesale channels recorded 30%-40% high-end growth.
Li Ning's e-commerce channel recorded a mid-range growth of 50%-60%.
In terms of same-store sales, the same-store sales of the entire platform recorded a high growth of 20%-30% year-on-year. Among them, direct stores increased by 30%-40% year-on-year, wholesale channels increased by 20%-30% in the middle segment, and e-commerce business increased by 30%-40% in the middle segment.
As of the third quarter, Li Ning had a total of 5803 stores, a net increase of 99 over the previous quarter. So far this year, Li Ning's stores have decreased by 109. Li Ning YOUNG has a total of 1137 companies, a net increase of 96 from the previous quarter, and a net increase of 116 so far this year.
According to the calculation of Guosheng Securities, Li Ning's omni-channel terminal turnover in the last quarter increased by about 50% compared with the same period in 2019, and the same-store sales growth increased by about 30% compared with the same period in 2019.
Huaxi Securities analysis said that Li Ning's resumption of net store opening last quarter became one of the driving forces for the growth of omni-channel terminal turnover. Due to the contribution of newly opened stores, the growth rate of franchise flow is higher than that of direct stores, and the growth rate of direct stores is higher than that of franchises. However, the growth rate of offline retail and e-commerce channels has slowed down from the previous quarter, compared with the growth rate in the second quarter of this year.
The textile and apparel team of Tianfeng Securities analyzed in the research report that Li Ning recently launched the Li Ning 1990 classic standard series, and the high-end sports fashion product line continued to improve, raising the product tone and increasing the price of the tag.
Extended Reading:
![Sun Yingsha wore a 198 yuan Li Ning sweatshirt to take a championship photo, and the total clothes of the whole body were less than 900 yuan[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)