HONG KONG–Li & Fung, the parent company of New York-based Homestead Textiles, reported net income of $392.3 million for its 2007 fiscal year, up 39 percent over 2006.
The international consumer-goods giant achieved this bottom-line result on sales of $11.9 billion, an increase of 36 percent over 2006 and the largest growth in annual revenues for the company since 2000, according to a Li & Fung statement. Organic growth and acquisitions were responsible for Li & Fung’s huge increase, the company said.
In addition, Li & Fung said its U.S. business achieved revenues of $1 billion last year, reaching the goal set in its three-year plan for the United States several years ago. The company has set a new three-year plan in motion, in which its stated goal is $20 billion in annual revenues for its worldwide business in 2010, and $1 billion in core operating profit.