Yue Yuen Industrial (Holdings) Ltd., one of the largest manufacturers of footwear for most major outdoor and athletic brands, reported that its footwear manufacturing segment revenue increased again in June 2024, growing 2.9 percent year-over-year (YoY), accelerating from the 2.3 percent growth in May, 2.5 percent growth in April and a flattish 0.1 percent decline in the first quarter when the company had very easy comps against the prior year. Yue Yuen’s resulting first-half (H1) revenues were up 2.4 percent.
Yue Yuen’s footwear manufacturing business trades and reports in U.S. dollars ($).
Pou Sheng Retail
Pou Sheng, the China retail component of Yue Yuen, saw retail sales fall 14.1 percent in renminbi (RMB), the official currency of China, in June after declining 5.0 percent in May and falling 12.3 percent in April. Pou Sheng’s revenues were down 7.5 percent in the first quarter. Pou Sheng’s resulting first-half (H1) revenues were down 8.9 percent.
Pou Sheng trades and reports in RMB or “Yuan” currency.
Consolidated Yue Yuen Results
Yue Yuen consolidated sales were down 4.3 percent to $647.5 million in June. In the first half, overall Yue Yuen sales were 3.4 percent to $4.02 billion, with an improving trend in the footwear manufacturing segment unable to offset a steeper 8.9 percent decline in the Pou Sheng retail business.
Feng Tay Enterprises
Feng Tay Enterprises, one of the longest-tenured manufacturers of Nike footwear, reported manufacturing revenues were essentially flat for the month of June, rising just 0.8 percent to NT$7.34 billion, after posting double-digit growth in May and mid-single-digit growth in April following a 6.5 percent increase for the first quarter to NT$20.62 billion. The resulting 2024 first-half trend for Feng Tay was a 6.8 percent increase for the six-month period to NT$42.88 billion.
Feng Tay reports financials in the New Taiwan Dollar (NT$).
