Net loss attributable to shareholders was $56,281,000 in the first quarter against income of $75,494,000 last year as revenues dropped 21% to $1,969,468,000 from $2,479,385,000 hit by lower Chinese retail sales and sagging footwear demand from customers hit by Covid-19. The bottom line includes a $33.7 million loss on fair value changes on financial instruments that was partly offset by a one-off gain of $11.4 million on the disposal of a joint venture. SG&A was down $53.6 million helped by YY’s cost saving measures, but still deleveraged 220 basis points on the lower sales.

Manufacturing revenue was down 9% to $1,169.4 ... Log in to view full article.