Yue Yuen Industrial (Holdings) Limited reported first quarter sales rose 28.9% year on year to approximately US $1.7 billion, and net profit attributable to owners of the company increased 17.8% year on year to approximately $141.7 million.
The China footwear giant said footwear manufacturing activity for the Group improved significantly on a year over year basis as a result of strong sales in world-wide markets compared to the same period in the previous year. For the first quarter, shoe manufacturing turnover increased by 33.3% to $1.21 billion underpinned by shoe manufacturing volume that was up by 27.0% to 82.1 million pairs, and an average sales price of $14.7 per pair that represented a step up of 5.0%.
The Group's retail and wholesale activities for athletic apparel and footwear in the Greater China Region also grew by 16.0% in the quarter to $344.5 million.
Further information
Unaudited turnover jumped in January 2011 i.e. the first month of the 2nd quarter of fiscal 2011, due to continuing strength in global consumer spending. For January 2011, the Group turnover increased by around 25.5% year-on-year to approximately $630.6 million.
The Group has achieved significant growth in turnover during the first four months of the fiscal year to $2.3 billion, an increase of 28.0% year on year. Production facilities have been further expanded and diversified among various countries including China, Indonesia, Vietnam, Bangladesh and Cambodia. Management is cautiously observing the trend of rising prices for materials and wages. The expansion strategy will allow the Group to meet the orders from the brand name customers and to be better prepared for the increasing input costs
