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Article Date: March 2021
Word Count: 446

Yue Yuen Struggles Through Pandemic Year as Retail Recovers


The Chinese manufacturing and retail giant saw its bottom line turn red last year, with a net loss attributable to shareholders of $90,791,000, against a profit of $300,546,000 in 2019. Revenues were down 16% overall to $8,444,935,000 from $10,105,387,000, but while Pou Sheng retail sales came back after lockdowns lifted in the PRC, YY’s footwear manufacturing business continued to struggle. It incurred about $107 million in one-time expenses when the pandemic hit, mostly for severance and other costs for closing its manufacturing facilities in Hubei, and for temporary adjustments at its other Southeast Asian factories.

 

Manufacturing revenues plunged 23% to $4,735.7 ... Log in to view full article.

 


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