Yue Yuen manufacturing leads recovery
14/10/2024
While this marks a slowdown from the 11.6% growth in August, it still reflects a significant recovery from the 19.1% decline in September 2023. Despite the gains, September’s revenue lagged behind the $680.4 million in July and the $713.3 million in August.
The company’s Manufacturing division led the recovery, with a 26.7% jump in September, up from a 21.1% rise in August. This contrasts sharply with a 28.7% drop in September 2023. Year-to-date, the Manufacturing business has grown 9.0%, reversing last year’s 20.9% decline.
In contrast, Yue Yuen’s Pou Sheng China Retail unit continues to struggle, with sales declining 14.7% in September, following drops in August and July. The year-to-date decline through September stands at 9.5%, reflecting weak consumer demand in China.
Feng Tay Enterprises, another key footwear manufacturer and long-time Nike supplier, saw a modest 1.3% revenue increase in September, returning to growth after a slight decline in August. Year-to-date, Feng Tay’s revenues are up 3.8%.
While Yue Yuen’s Manufacturing growth remains strong, its retail division continues to face challenges, creating a mixed outlook as the company moves into the final quarter of the year.
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