In the US, revenues grew 11.7% to $529.7 million. European sales were down 5.3% to $291.5 million. Asia revenues fell 2.1% to $762.0 million. South America sales were down by 10.2% to $73.9 million. Canadian sales were down 7.6% to $19.4 million. Other Areas sales fell 13.4% to $33 million.
By category, Athletic Shoes declined 1.2% to $865.5 million, Casual/Outdoor Shoes were up 5.5% to $281.5 million, Sports Sandals were down 28.5% to $29.2 million and Soles, Components & Other was off 10.1% to 119.1 million. Revenues from Retail Sales (Shoes, Apparel & Leasing) were up 7.5% to $414.2 million. Total sales of shoes made in the period fell by 0.6% whereas the volume of shoes sold fell 1.5%.
On May 6, Yue Yuen warned investors that it saw a "significant downturn" in the first quarter ended March 31 although it did not provide any projections. The Hong Kong-based company, which manufactures in China, Vietnam and Indonesia, attributed deteriorating results to rising input costs, relocation and allocation of production capacity, and a one-off surge in profits in the year earlier quarter.
