Yue Yuen Industrial (Holdings) Ltd. reported net consolidated operating revenue slid 2.1 percent in August to $636.6 million. Sales fell 1.6 percent in the Hong Kong-based firm’s manufacturing business and fell 9.0 percent in the Pou Sheng China Retail business.
The 1.6 percent decline in the manufacturing business, responsible for footwear production for a large portion of major outdoor and athletic brands in the U.S. and Europe, marked sequential improvement versus recent months. The segment’s sales declined 10.0 percent in July and 11.8 percent in June.
Pou Sheng’s 9.0 percent drop follows declines of 13.9 percent in July and 8.6 percent in June. Pou Sheng’s comparisons are calculated in RMB terms.
In the first eight months of the year, consolidated operating revenue declined 3.1 percent to $5.22 billion. Sales in the manufacturing business were down 5.0 percent while sales at Pou Sheng were off 4.0 percent.
Yue Yuen and its footwear manufacturing business trade and report in U.S. dollars ($).
Image courtesy Yue Yuen
