Revenue for the manufacturing part of the business was up 17.6% year-on-year to US$326.3 million. Shipment volumes for the quarter had an increase of 21.9% year-on-year to 11.7 million pairs, with growth across all product categories led by the Sports category.

The average selling price (ASP) declined by 3.5% in the quarter to US$27.80 per pair, which the company attributed to the higher proportion of Sports and Casual product orders which have a lower ASP.

Looking forward, Stella noted that, having achieved an operating profit margin of 10.7% in 2023, it is ahead of schedule in meeting the goals of the company’s Three-Year Plan (2023-25), which are to achieve an operating margin of 10% and a low-teens annualised growth rate on profit after tax by the end of 2025.

Lawrence Chen, Chairman of the Group, said: “As we reach close-to-full utilisation across our Luxury, Fashion and Casual product categories, we will continue to ramp up our manufacturing facility in Solo, Indonesia and work towards completing our development of an additional production facility in Bangladesh to expand our capacity. This will enable us to reallocate capacity from Vietnam to Indonesia which will help further improve our product mix.”