Yue Yuen turnover up 28.9%
Hong Kong-based athletic and casual footwear manufacturer Yue Yuen Industrial (Holdings) Limited has announced its results for the first quarter of fiscal year 2011. Total turnover rose 28.9% year on year to approximately $1,696.4 million, and net profit attributable to owners of the company increased by 17.8% year on year to approximately $141.7 million.
Footwear manufacturing activity for the group improved significantly on a year over year basis as a result of strong sales in worldwide markets compared to the same period in the previous year. For the first quarter, shoe manufacturing turnover increased by 33.3% to $1,207.6 million underpinned by shoe manufacturing volume that was up by 27.0% to 82.1 million pairs, and an average sales price of $14.7 per pair that represented a step up of 5%. The group’s retail and wholesale activities for athletic apparel and footwear in the Greater China region also grew by 16% in the quarter to $344.5 million.
