Revenue for the year increased by 5.1% to US$8.97 billion, with weak retail sales offset by manufacturing growth.
Revenue attributed to the footwear manufacturing part of the business totalled US$5.71 billion, an increase of 28.2%. Yue Yuen shipped 272.2 million pairs of footwear in 2022, an increase of 14.4% year-on-year.
Meanwhile, the average selling price was up by 12% to US$20.93 per pair, which the company attributed to resilient demand as well as a refined product mix.
Total revenue for the manufacturing business (including footwear as well as soles and components) totalled US$6.2 billion, up by 26.2%.
Revenue attributed to the group’s retail subsidiary, Pou Sheng, was down by 23.5% year-on-year to US$2.77 billion. The company attributed this decline to “soft consumer sentiment and volatile foot traffic in the shopping venues and cities where Pou Sheng operates following control measures introduced by local governments across mainland China”.
Pou Sheng had 4,093 directly operated retail outlets and 3,200 sub-distributors across Greater China at the end of 2022, representing a net closure of 1,124 stores year-on-year.
Profit attributable to the company owners was US$296.3 million for the year, up by 157.5% year-on-year.
Yue Yuen Chairman Lu Chin Chu said: “We once again proved our resilience and unmatched expertise, delivering expanded top-line and bottom-line growth within an exceptional and unpredictable industry environment. These attributes will no doubt help us navigate the toughening demand cycle we are facing on the manufacturing side of our business.”