Post-covid surprise for Stella customers
Footwear group Stella International has reported full-year revenues of more than $1.6 billion for 2022, an increase of 5.9% year on year.
The Hong Kong-based group said it had shipped 56 million pairs of shoes in 2022, up slightly, by 0.4% on the previous year.
It said it was facing stronger headwinds in 2023, with weakening economies and global inflation affecting consumer sentiment in North America and Europe. At the same time, some of its customers are still “grappling with inventory challenges which may impact our order book”, it added, especially in the first half of this year.
On a brighter note, though, Stella said the removal of all covid-19 restrictions in China at the end of 2022 had caught many of its brand customers by surprise; “this may positively influence ordering activity, particularly in the second half of the year”, it explained.
