Li & Fung Ltd. (494), the world’s largest supplier of
clothes and toys to retailers, said U.S. orders are solid and it hasn’t seen
reductions from Wal-Mart Stores Inc. (WMT)
“There hasn’t been any cutbacks from Wal-Mart orders,” Bruce
Rockowitz, chief executive officer of the Hong Kong-based company, said today.
“When you look across the orders that come from the United States, they are
very solid for Wal-Mart.”
Wal-Mart is cutting orders it places with suppliers this
quarter and next to address rising inventory, according to a Sept. 17 e-mail
from the company to a supplier. Li & Fung, whose customers also include
Target Corp. (TGT) and Kohl’s Corp. (KSS), reported first-half profit last
month that missed analyst estimates amid sluggish demand from U.S. retail
customers. Read more.
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