Yue Yuen Industrial (Holdings) Limited, a subsidiary of Pou Chen Corporation that manufactures a large percentage of global athletic and outdoor footwear, reported that its net consolidated operating revenue for May was $701.0 million against $758.0 million a year ago, a 7.8 percent decline versus the year-ago month.
Yue Yuen’s manufacturing business was down 10.8 percent for the month, while the Pou Sheng retail business was up 6.6 percent in RMB. The manufacturing business has declined every month this year, with elevated inventories globally, although May marked sequential improvement. Sales in its manufacturing business were down 25.4 percent in April, 21.3 percent in March, 5.9 percent in February, and 25.0 percent in January.
The 6.6 percent gain in the Pou Sheng retail segment followed a 53.4 percent surge in April, a 29.8 percent gain in March, a 2.4 percent decline in February, and a 0.3 percent dip in January.
The company’s net consolidated accumulative operating revenue for the five months ended May 31 was $3.49 billion, a decline of 10.2 percent year over year. Manufacturing revenue was down 18.2 percent, and Pou Sheng’s retail business was up 13.4 percent in RMB.
Photo courtesy STR
