Yue Yuen’s Q1 Net Slumps 53.1 Percent
Yue Yuen Industrial
Holdings Ltd. reported first-quarter revenues inched ahead 0.5 percent
to $1.71 billion. Earnings fell 53.1 percent to $55.7 million from
In the US, revenues grew 11.7 percent to $529.7
million. Europe sales were down 5.3 percent to $291.5 million. Asia
revenues decreased 2.1 percent to $762.0 million. South America sales
slumped 10.2 percent to $73.9 million. Canada sales were down 7.6
percent to $19.4 million. Other Areas sales fell 13.4 percent to $33
By category, Athletic Shoes declined 1.2 percent to
$865.5 million, Casual/Outdoor Shoes were up 5.5 percent to $281.5
million, Sports Sandals were down 28.5 percent to $29.2 million and
Soles, Components & Other was off 10.1 percent to 119.1 million.
Revenues from Retail Sales (Shoes, Apparel & Leasing) were up 7.5
percent to $414.2 million.
Total sales of shoes made in the period fell by 0.6 percent whereas the volume of shoes sold fell 1.5 percent.
May 6, Yue Yuen warned investors that it saw a “significant downturn”
in the first quarter ended March 31 although it didn’t provide any
projections. The Hong Kong-based company, which manufactures in China,
Vietnam and Indonesia, attributed deteriorating results to rising input
costs, relocation and allocation of production capacity, and a one-off
surge in profits in the year earlier quarter.
Source Yue Yuen through SportsOneSource