16 November 2023

Yue Yuen reports further declines in nine-month results

Yue Yuen

Sporting goods distribution and retail group Yue Yuen Industrial Holdings has reported its financial results for the first three quarters of 2023, when revenue declined by 14.1% to US$5.99 billion, reports ILM.

The company attributed this result to a weak performance in its manufacturing business, low global demand and the industry-wide inventory digestion cycle.

Revenue for Yue Yuen’s footwear manufacturing business totalled US$3.5 billion, falling by 20.4% year-on-year. Footwear shipment volumes declined by 24.5% in the year so far to 160.9 million pairs, while the average selling price was up by 5.3% to US$21.71 per pair.

Total revenue for its manufacturing business (including footwear, soles, components and others) dropped by 20.9% to US$3.79 billion.

The company’s retail subsidiary Pou Sheng had revenue growth of 0.7% in the period to US$2.19 billion, with growth of 7.3% in RMB terms, supported by recovery of sales and foot traffic in Mainland China.

For the nine months of 2023 so far, the group’s gross profit fell by 15% year-on-year to US$1.4 billion, while gross profit for its manufacturing business alone was down by 21.6% to US$683.9 million.

Looking forward, Yue Yuen is optimistic for its manufacturing business and expects a gradual recovery trend in the industry, though notes that order visibility is cloudy, and the global footwear industry is expected to remain volatile in the short term.

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