Yue Yuen counts financial cost of strikes
17/11/2014
Around $90 million of this was due to of increased contributions to social insurance benefit and housing provident fund for employees in China, and $18.8 million of losses due to fair value changes on derivative financial instruments.
Total sales of shoes manufactured in the period were up 3.9% compared to last year, whereas the volume of shoes sold was down by 0.5% to 228.8 million.
The group said that while the retail environment in China for sportswear in the nine months was better than earlier years’, it was contending with rising wages, rising rents and higher materials costs.
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