Net income attributable to shareholders was nearly halved to $137,676,000 from $270,120,000 for the first nine months of the year, as consolidated revenues fell by 14% to $5,986,621,000 from $6,971,820,000. The decline was entirely due to weakness in the footwear manufacturing business. The Chinese retail segment managed to eke out a small improvement, albeit with an easy comparison to 2022’s Zero-Covid lockdowns. Equity method income from joint ventures slipped 14% to $47.4 million. Selling and distribution expenses were reduced by 12%, and administrative expenses saw a 6% cut, but total SG&A ... Log in to view full article.