Weak demand from the US and Europe has weighed on 2014 profits at Li & Fung, the supplier of made-in-Asia goods to western retailers such as Target, Marks and Spencer and Walmart.
美欧需求的疲软拖累了利丰(Li & Fung) 2014年盈利。利丰是Target、玛莎百货(Marks and Spencer)及沃尔玛(Walmart)等西方零售商的亚洲商品供货商。
The Hong Kong-based sourcing company, seen as a bellwether of the sector, reported net income of $539m in 2014, down 12 per cent year-on-year but beating analysts’ consensus estimates of $498.5m.
这家总部位于香港的采购企业被视为行业风向标。该公司报告2014年实现净利润5.39亿美元，同比下跌12%，但超过了4.985亿美元的分析师共识预期。

Revenues for the 12 months to December 31 rose 1.4 per cent year-on-year to $19.3bn, undershooting analysts’ estimates of $19.5bn.
在截至12月31日的12个月内，营收同比增长了1.4%，达到193亿美元，低于分析师195亿美元的预期。
The Hong Kong-traded group partly blamed a restructuring and foreign exchange moves for its profits slide.
这家香港上市集团将盈利下滑的部分原因归结为重组和汇率变动。
“The whole macro environment was tough,” said Spencer Fung, chief executive.
该公司首席执行官冯裕钧(Spencer Fung)表示：“整个宏观环境十分严峻。”
Mr Fung added that in addition to currency moves putting pressure on the 8,000 retailers the company supplies, Beijing’s anti-corruption push and the economic slowdown in the eurozone had also crimped profits.
冯裕钧补充说，除了汇率变动给该公司供货的8000家零售商带来压力以外，中国政府的反腐运动和欧元区经济放缓也影响了盈利。
The weak euro had not helped as roughly one-fifth of the retailers that Li & Fung supplies are based in Europe — weakening profits booked by Li & Fung in the single currency but later converted into dollars.
由于利丰供货的零售商有大约五分之一位于欧洲，疲软的欧元也不利于业绩——它降低了利丰以欧元入账但随后转成美元的盈利。
However, the group said it had escaped the worst from the recent gridlock at major ports on the US west coast that disrupted production at car factories, led to shortages of French fries at Japanese McDonald’s franchises, and prompted a profit warning from Gap, as it was able to divert products to other ports in Canada and Mexico.
不过，该集团表示，由于能够将产品分流至加拿大和墨西哥的港口，该集团躲过了近期美国西海岸主要港口停工导致的最不利局面。这起停工事件扰乱了汽车厂的生产，导致日本麦当劳(McDonald's)专营店的炸薯条短缺，并促使Gap发布盈利预警。
“There was some effect but it wasn’t material,” Mr Fung said.
冯裕钧表示：“这一事件产生了一定影响，但并不是实质性的影响。”
Li & Fung last year used an all-stock spin-off to split itself into two companies: a sourcing and logistics company, and the other managing and licensing brands, called Global Brands Group.
去年，利丰开展了全股票剥离操作，将自身分拆为两家企业：一家负责采购和物流，另一家负责品牌管理和授权，称为全球品牌集团(Global Brands Group)。
Global Brands owns a range of labels such as Juicy Couture, but also holds licences from fashion labels such as Tommy Hilfiger, Calvin Klein and J Lo, the brand launched by film and music star Jennifer Lopez, to produce and sell their products.
全球品牌集团除了持有橘滋(Juicy Couture)等一系列品牌外，还持有汤米•希尔费格(Tommy Hilfiger)、卡尔文•克莱恩(Calvin Klein)和J Lo等时尚品牌的生产和销售许可。J Lo是由歌影双栖明星詹尼弗•洛佩兹(Jennifer Lopez)推出的品牌。
The group also manages labels including Coach shoes and licensed characters, such as Angry Birds and Spider-Man.
此外，该集团管理的品牌还包括Coach鞋类，以及愤怒的小鸟(Angry Bird)和蜘蛛侠(Spider-Man)等授权人物形象。
Li & Fung shares closed up 0.75 per cent at HK$8.03 before the results were announced.
在业绩公布之前，利丰股价收盘上涨0.75%，至每股8.03港元。