Yue Yuen Industrial (Holdings) Limited, the manufacturer of footwear for most major outdoor and athletic brands, reported that in August, net consolidated operating revenue, equal to the total sales less sales discount and sales return, declined 19.8 percent to $639.2 million and the net consolidated accumulative operating revenue for the company in the eight months ended August 31 declined 13.6 percent to $5.39 billion.
The numbers were up against tough 2022 results after the year-ago August manufacturing revenues jumped 106 percent versus the prior year.
Yue Yuen Industrial’s Manufacturing business posted a 19.8 percent decrease in August, representing a 400 basis point sequential improvement from the July 2023 decline and a 19.9 percent decrease for the eight-month year-to-date period, essentially flat to the 20.0 percent decrease posted in the YTD period reported through July (read SGB Media‘s coverage here).
The Pou Sheng Chinese Retail business posted a 6.0 percent decrease in August, cutting the YTD increase further to +7.3 percent through August when reported in RMB currency.
The previous month’s YTD period report through July saw retail revenues up 8.8 percent for the seven-month period after posting an 11.1 percent increase through June (read SGB Media‘s coverage here).
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