Retail weakness brings Yue Yuen figures down
Specialist outsource producer of athletic footwear Yue Yuen has reported revenues of just over $4 billion for the first six months of 2024. This is a fall of 3.4% compared to the same period last year.
Analysis of the result shows that it was the group’s Pou Sheng retail subsidiary where the fall in revenues occurred over the six-month period, while the figures for manufacturing were up.
Athletic shoe production brought in just under $2.1 billion, an increase of 0.5% year on year. Yue Yuen’s casual shoe and sports sandal manufacturing category brought in $336.4 million, growth of 6.6%.
In terms of volume, the group’s factories shipped 120.7 million pairs between the start of January and the end of June this year, an increase of 9.9%. However, the average selling price per pair was $19.98, a fall of 7.8% year on year.
At Pou Sheng, revenues were just under $1.4 billion, a fall of 12.7%. compared to the first half of last year. Yue Yuen said “weak store traffic” in China was the main reason for this decline.
