Comprehensive net income fell 57% in 2018 to $249,099,000 from $573,099,000 as revenues increased 6% to $9,695,282,000 from $9,121,426,000 for Yue Yuen’s manufacturing and Pou Sheng retail businesses. Net income excluding comprehensive items was off 41% to $307,116,000 from $519,226,000. Blended gross margin was down 50 basis points to 25.2%. Selling and administrative expenses increased by $174 million, or 120 b.p. as a percent of revenue, attributed to the higher costs of the fast growing retail operation compared to the manufacturing business.

Footwear manufacturing revenues declined 3% to $5,881.5 million overall, as sales of athletic styles gained 2% to $4,267.7 million, ... Log in to view full article.