However, Stella’s net profit for the year increased by 54.2% to $95.9 million.

The group made fewer shoes in 2019, with the number of pairs it shipped decreasing by 1.3% to 59.4 million. It said this was the main reason for the decline in revenues.

Its average selling price per pair was stable at $25.80.

On releasing the figures, chief executive, Chi Lo-Jen, said: “In 2019, we made significant progress in securing our long-term success and profitability by prioritising margin expansion over shipment volume growth. Looking ahead to 2020, our main priority will be to safeguard our operational stability.”

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