Sporting goods distribution and retail group Yue Yuen Industrial Holdings has reported its financial results for the first nine months of 2024. By ILM.

In the period, the company achieved revenue of US$6.08 billion, growing by 1.5%, while revenue for footwear manufacturing alone was up by 8.2% to US$3.78 billion.

Total revenue for the manufacturing business (including footwear, soles and components), was US$4.14 billion, up by 9% year-on-year.

The company had an improvement in footwear shipment volumes of 16.2% in the year so far to 186.9 million pairs, while the average selling price dropped 6.8% to US$20.24 per pair.

Revenue for the company’s retail subsidiary Pou Sheng was down by 11.6% to US$1.94 billion, with a drop of 9.5% in RMB terms. This was attributed to weak physical store traffic.

Gross profit grew by 4.5% in the nine months to US$1.47 billion, with a gross profit margin of 24.2%. Net operating expenses for the period were down by 9.1% or US$107.1 million. Profit attributable to owners of the company totalled US$331.7 million, an increase of 140.9% year-on-year.

Despite an unsettled business environment globally, Yue Yuen has an optimistic outlook for its financial results through the remainder of 2024, particularly for the sports industry.