For the first nine months of 2018, the Group’s unaudited consolidated revenue totalled approximately US$1,209.4 million, down -0.4% against the corresponding period in 2017 (US$1,214.1 million). On a comparable basis (adjusting for the Group’s former China retail business), revenue for the period is reported to have improved +1.7%.

Revenue from Stella’s manufacturing operations for the third quarter and the first nine months of 2018 rose +2.6% and +1.3%, respectively, to US$455.2 million and US$1,176.4 million. Shipment volumes rose +5.9% and +6.9% over the same periods to 16.1 million pairs and 45.1 million pairs, respectively. The Group attributes the increase in shipment volumes to the “robust ordering activity” for its fashion athletic footwear products and an increase in ordering activity for its casual footwear products. “Rising global trade frictions did not have an impact on the Group’s operations during the periods under review”, said the Group.

Looking forward, Stella says it expects “a steady expansion in demand” for its fashion athletic footwear products, which should continue to remain the Groups’ main growth driver. Demand for casual and fashion footwear products are forecast to stabilise further. “We will continue to selectively reduce production capacity in China in order to improve utilisation efficiency and deliver margin recovery over the medium term”, said Stella in a statement.