A report from Goldman Sachs states that LI NING (02331) achieved mid-single-digit year-on-year growth in retail sales for its adultwear segment in the first quarter. When including the childrenswear business, which grew over 20% year-on-year, total retail sales increased by high-single digits. The firm believes that if consumer trends remain stable, base effects in the second half of the year will be more favorable. Goldman Sachs maintains a "Buy" rating on LI NING with a target price of HK$26.7. The company stated that its first-quarter operational performance was in line with internal expectations and reaffirmed its full-year guidance for high-single-digit sales growth and a high-single-digit net profit margin. It also plans to continue monitoring end-market trends for the remainder of the year. Goldman Sachs reiterated its positive view on the improvement of LI NING's brand fundamentals, noting that the first-quarter performance provided further evidence, including mid-single-digit sales growth for the Glory series. The first-quarter sales were also consistent with management's full-year guidance for high-single-digit growth.