Stella International’s shipment volume in the third quarter declined 23.6% yearon-year. Unaudited consolidated revenue decreased 23.3% to approximately US$344.5 million (2019: US$449.3 million). For the nine months ended September 30, 2020, unaudited consolidated revenue decreased 28.7%, year-on-year, to approximately US$855.7 million (2019: US$1,199.9 million), attributed to decreased demand from the Group’s brand customers due to the coronavirus pandemic.

The Group said it is “cautiously optimistic” about shipment volume levels for the fourth quarter of the year as its brand customers closely monitor their products sell-through in the upcoming holiday peak season amidst a second wave of the virus in the North American and European retail markets. Stella said it will “continue to push forward” with its long-term strategies, including accelerating the migration of our production capacity to Southeast Asia to enhance its longterm cost structure.