In its financial year 2013, Chinese sportswear maker Li Ning managed to narrow its net loss substantially. Its loss amounted to 392 million yuan renminbi (€45.9 million)—far less than the RMB 1.98 billion (€232 million) in the previous year. The markets, however, had expected a net loss of about only RMB 292 million (€34.2 million). Sales were down by 12.8 percent to RMB 5.82 billion (€682.1 million) which is part of the company’s plan to reduce overstocks. According to the same logic, Li Ning reduced its own points of sale by 519 to 5,915 outlets. The gross margin improved to 44.5 percent from 37.7 percent in 2012. The vacancy of the chief executive has been filled on an interim basis by executive vice chairman Jin-Goon Kim.