Yue Yuen Archives - Inside Retail Asia
Chinese sports-shoe manufacturer and retail conglomerate Yue Yuen Industrial is predicting a loss of up to US$70 million in the March quarter as a result of the Covid-19 crisis.
Shoe manufacturer and retailer Yue Yuen Industrial says the coronavirus crisis will have a significant impact on its revenues, with its store network and factories heavily disrupted by closures.
Yue Yuen says it expects to move more of its manufacturing from China to other Southeast Asia countries as the US-China trade conflict shows no sign of abating.
Yue Yuen Industrial boosted revenue by 6.3 per cent last year.
Mainland shoe retailer Pou Sheng boosted sales by 26.9 per cent in the last quarter, to US$858.5 million.
Yue Yuen Industrial Holdings is set to receive HK$6.76 billion (US$860 million) from a proposal to privatise its retail arm.
Nine months of growth have been reported by Yue Yuen Industrial (Holdings).
Revenue growth of 3.9 per cent saw first-half revenue hit US$4.4 billion for Yue Yuen Industrial (Holdings).
Net consolidated operating revenue for Pou Sheng International (Holdings) rose to RMB1.9 billion (US$275.2 million) last month.
Revenue eased by 0.5 per cent last year to US$8480.6 million for manufacturer/retailer Yue Yuen Industrial.
One Pou Sheng International executive has been fired and another has resigned following an accounting error.
Shoe giant Yue Yuen produced 165.7 million pairs of shoes in the first half of this year – 4.1 per cent more than during the same period last year.