Reuters: Global Markets: Global exporter Li & Fung's shares dive 15 percent on profit warning

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Global exporter Li & Fung's shares dive 15 percent on profit warning Jan 14th 2013, 01:32 HONG KONG | Sun Jan 13, 2013 8:32pm EST HONG KONG (Reuters) - Shares of Li & Fung Ltd (0494.HK) fell 15.3 percent to their lowest in three months after the consumer goods exporter warned of a sharp drop in core operating profit, triggering concern over its ability to achieve its three-year earnings target. The stock was set to open at HK$11.76, the lowest since mid-October, lagging 0.27 percent gain in the benchmark Hang Seng Index .HSI. The global supply chain manager, whose clients include Wal-Mart Stores Inc (WMT.N) and Target Corp (TGT.N), on Friday warned of a 40 percent fall in full-year 2012 core operating profit, hit by ongoing restructuring costs and an additional provision tied to its U.S. business unit LF USA for which it appointed a new chief.

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