Yue Yuen’s manufacturing business was down by 10.8% for the month, while the Pou Sheng retail business was up by 6.6% in RMB. The manufacturing business has declined every month this year, with elevated inventories globally, although May marked sequential improvement.

Sales in its manufacturing business were down by 25.4% in April, 21.3% in March, 5.9% in February and 25% in January. The 6.6% gain in the Pou Sheng retail segment followed a 53.4% surge in April, a 29.8% gain in March, a 2.4% decline in February, and a 0.3% dip in January.

The company’s net consolidated accumulative operating revenue for the five months ending May 31 was US$3.49 billion, a decline of 10.2% year-on-year. Manufacturing revenue was down 18.2% and Pou Sheng’s retail business was up 13.4% in RMB.