Yue Yuen’s sales up 5% for the first nine months

China
Published:  18 November, 2019

The Hong Kong based footwear manufacturer said revenue increased 5.1% to US$7,519.6 million for the nine-month period ended September 30, 2019, driven by growth from both manufacturing and retail segments.

Yue Yuen’s gross profit increased 4.5%, year-on-year, to US$1,867 million, and profit attributable to owners amounted to US$229.4 million, up 12.1% compared with US$204.6 million in the same period of 2018. During the period, the Group recorded a non-recurring profit of US$17.1 million, which included a gain of US$19.1 million from the disposal of a subsidiary and a net loss of US$1 million due to fair value changes on financial assets at fair value through profit or loss.

Total revenue attributable to footwear manufacturing activity, including athletic shoes, casual/outdoor shoes and sports sandals, was up 4% in the period to US$4,086.7 million, while volume increased 1.4% to 239.7 million pairs and the average selling price increased 2.6% to US$17.05 per pair. The Group’s total revenue with respect to the manufacturing business, including footwear, soles, and components, amounted to US$4,437.3 million (+2.9%).