Yue Yuen reported consolidated operating revenue fell 11.2 percent to $773.5 million in March dragged down by a steep decline at its Pou Sheng’s retail segment.
Sales from the Manufacturing Business segment were up 11.0 percent while sales at Pou Sheng’s retail business, largely consisting of stores it operates for major Western brands like Nike, Adidas, Puma, and Skechers, were down 43.3 percent.
Since March, China has imposed strict lockdowns to contain the spread of the Omicron variant.
For the first three months of the year, sales were down 4.0 percent to $2.39 billion. Sales from its Manufacturing Business segment grew 12.2 percent and Pou Sheng’s sales declined 25.0 percent
