Net profit attributable to shareholders was $85,379,000 in the first quarter against a loss of $56,281,000 last year, on 27% higher revenues of $2,493,272,000 up from $1,969,468,000. The Pou Sheng retail business had an easy comparison to last year’s pandemic shut down in China, but the footwear manufacturing business also returned to growth after a difficult 2020. Selling, distribution and administrative expenses were up 21% but leveraged 90 b.p. as a percent of sales. Other expenses dropped by nearly half, comping against costs last year related to temporarily closing factories when the pandemic hit.

The footwear manufacturing segment posted an 8% ... Log in to view full article.