Li & Fung Profit Misses Estimates on Weaker U.S. Retail Demand

Li & Fung Profit Misses Estimates on Weaker U.S. Retail Demand

Emile Wamsteker/Bloomberg

Li & Fung, whose customers include U.S. retailers Wal-Mart Stores Inc., Target Corp., and Kohl’s Corp., reported a drop in net income last year, the first decline in four years as an increase in payroll taxes, higher fuel costs and federal spending cuts hurt Americans’ consumer confidence.